Flying solo

by Jamie Henry28 Mar 2014

Real estate and personal finance experts believe going solo on the purchase of your first home is a good thing as it can make for a worthwhile investment. Taking on that financial burden may seem like an uphill battle, but the Financial Post reports that that hasn’t deterred single professionals from doing exactly that.

“The rental market is very expensive in Toronto and mortgage rates are so low that, in a lot of cases, it makes more sense to buy,” Miranda McKenna, an agent with Life and the City, RE/MAX Hallmark Realty Ltd. said in an interview. She notes that nearly half of her clients are single.

Singles acknowledge buying a property to get into the market and build equity as early as possible can be very beneficial, McKenna said.

She adds that many of her clients use that first purchase as a stepping stone toward buying the home of their dreams later on.

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