So you want to buy your Dream House or maybe a large penthouse Condo looking over Lake Ontario and Toronto's beautiful waterfront.  These are all great things to want and everyone should set there goal to achieve them.  I know I would love to own a nice house in the Yonge and Lawrence area, but at this point in time it is not a realist goal.  With some careful planing and some advice from your financial planner and your Realtor, you should be able to achieve any goal.

Do you really need the 3rd bedroom now?  Does the Basement have to finished?  If you are willing to settle for less now, in the long run you could end up the big winner.  Why not consider getting a place that needs a little work.  Over time you can add value by finishing the basement yourself, changing the broadloom to hardwood.  There are lots of little things that can also be done to increase the value.  If you cannot afford the neighbourhood you want to live in, try the surrounding areas until you can afford to move into the area you really want.  Get a place that will leave you with a low enough mortgage payment, so you can build a little saving to put towards your next place.  As you pay down the mortgage and the property increases in value you should be able to use your home as leverage to get the house you really want sooner than you think.  Don't wait to enter into the housing market,  Think about what you really need right now, buy what you can afford now and plan for your Dream Home in the very near future. 

Be realistic about what you can afford now, but plan for the future.  With a strong Plan and a Realtor you can trust, your future will be very bright.

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