First-time house buyers are having it tougher than ever in the Toronto area as prices continue to increase, leading to a “higher degree of frustration,” says a report released yesterday by ReMax Ontario Atlantic Canada.
“Entry-level purchasers are adjusting their expectations by sacrificing size, location and even long term financial freedom to overcome challenges such as rising prices and serious supply issues,” ReMax said.
A shortage of affordable entry-level homes was one of the foremost concerns identified by purchasers in a survey by the real estate firm.
High prices have caused some buyers to sit out of the market, while others have set their sights lower — or higher, depending on your point of view — accounting for the condo boom in the Greater Toronto Area. “Affordable detached product is virtually impossible to find” in the downtown core, ReMax said.