With the average price of a detached home out of most first-time buyers’ reach, those with less than $1 million to spend have a few options. Most choose one of three routes:
- Stay in the city and buy a condo within budget, hoping to build equity and climb the property ladder
- Stay in the city and rent. It usually means being able to afford to live in an area that would be unaffordable to buy
- Leave the city and buy in a suburb or nearby city that is within price range
But for many, those three options just don’t fit. A lot of people are becoming creative with their buying power and choosing to utilize more unusual options to solve the issue of affordability.
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