A new report reveals that 15 per cent of people in Ontario are looking to buy their first home in the next two years, and one realtor is giving tips on how they can prepare for the big move.

As Sari Williams prepares to get married in a few weeks, the Torontonian is also getting the keys  to her first home very soon. 

Having lived with her parents for 29 years, she has decided to rent a place for a few months, and then hopes to purchase a condo in Toronto with her soon-to-be-husband in the next year. 

“I’ve lived in this house my whole life, and I’m 29, so it’s been a lot of the same sort of things. I’m excited to have my freedom and decorate the space the way we want it,” she told Now Toronto on Friday. “The new chapter should be fun.”

Williams is not the only Canadian looking to buy their first home in the near future. 

A survey, published by real estate listings website Royal LePage on Thursday, revealed that 13 per cent of adult Canadians across the country are planning to purchase their first home within the next 24 months. The number is even more promising in Ontario, where 15 per cent intend to buy within that period. 

Local real estate expert Michelle Glasgow explains that the trend comes as the Bank of Canada lowered national interest rates, and an abundance of vacancies made it ideal for buyers to negotiate terms further. 

“[There is] a lot of negotiation room and opportunities, especially now [that] the price is kind of trending downward. Different areas of the GTA have recently become more accessible to buyers as well. So, there’s just more opportunities with rate decreases, as well as with the house prices and the market being a buyer’s market,” she told Now Toronto. 

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HOW CAN ASPIRING HOMEBUYERS PREPARE TO BUY? 

With the market offering good opportunities for buyers, there are lots to consider before closing the deal. 

More than 54 per cent of potential buyers in Ontario are currently browsing different neighbourhoods to find out where they can afford to buy, while 21 per cent are engaged with real estate agents, and seven per cent have secured their mortgage, according to the survey. 

Meanwhile, most first-time buyers said that finding a home that is fully ready for a move-in is their first non-money-related priority. 

Williams, whose mother also happens to be a real estate agent, says that she is actively looking into different neighbourhoods and trying to decide what best fits her lifestyle before fully committing to a property. 

“I like to research neighbourhoods, maybe once a week, just to see what things are selling for, and seeing what criteria we want for our neighbourhood and for the home in general, and seeing how that fits in with our budget and with our savings,” she said. 

 “We also have savings accounts, like the first home buyer savings plan and RRSPs, so we contribute to those regularly, so that, when the time comes, we should have enough for a down payment.” 

According to Glasgow, figuring out what fits your lifestyle is one of the most important aspects to consider when searching for a home. According to her, this step can help buyers narrow down the neighbourhoods where they want to live, including whether they want to live downtown near trendy events and pubs or in a quieter family-oriented area. 

The realtor agrees that for many buyers, a move-in-ready property could be an asset, which allows them not to spend too much time or money renovating. 

However, she explains that many sellers don’t equip properties with the best, high-end amenities when renovating and preparing to sell, oftentimes leaving buyers to have to perform their own renovations to make the home fit their standards, even if it has recently had work done. 

“I think that the things that they should be looking [at] when they’re purchasing a home would be the price [and] making sure that it has the fundamentals of what they’re looking for. So, for example, things that cannot be changed without big permits and a huge renovation.” 

“For example, if they needed an additional washroom, those kinds of things are important, because it’s not so easy to change, versus a carpet, where it’s easily ripped out and you can change those items,” she explained.

Meanwhile, the realtor advises those who are looking to buy in the next year or two to connect with real estate agents and mortgage brokers sooner rather than later, as these professionals will be able to help them confidently research and prepare their finances so they are ready when it’s time to purchase. 

DO YOU NEED A HUGE DOWN PAYMENT? 

Although prices and interest rates seem to be dropping, and prospects for negotiation getting better, buying a home is still no cheap endeavour. 

The recent survey also shows that 54 per cent of future Ontario buyers are planning to put a down payment of at least 20 per cent when they decide to purchase, while only 38 per cent will be getting mortgage insurance. 

On the other hand, Glasgow says that waiting to have such a significant down payment ready before buying might not be the most ideal scenario for every buyer, and might even make them spend more in the long run. 

According to her, in some cases, it is best to enjoy cheaper prices and interest rates and put a smaller down payment soon, rather than waiting as they save a larger down payment and facing steeper prices down the road. 

“It’s not needed, and unfortunately, a lot of people miss out on opportunities to purchase homes because they think that they [need to] have 20 per cent, and when you really look at the monthly amount, it’s not that much of a huge savings when you do put down 20 per cent,” she explained. 

With prices down and demand growing, Glasgow also says there is a possibility that prices could go up in the near future, with some predictions indicating an increase as early as next year. 

“I definitely think that we won’t see these prices forever. There will be a time [when] prices will start to increase,” she said.

“Obviously, as more demand comes in, prices do increase. So, as more buyers prepare to hit the market, we will probably start to see some price increases for sure, which has actually been predicted. It’s been predicted in 2026 that the market would kind of turn, and we might see some increases.”