Millennial Money is a weekly submission-based series that provides financial advice to Millennials. Read the full series here.
At 30, Vanessa and her boyfriend are ready to take their relationship to the next level after 12 years of dating: They want to buy a house.
But like many other millennials and young people trapped in the Greater Toronto Area’s hot housing market, both are wondering if it’s even possible.
“We’ve saved about $100,000 in total, and we’ll get help from our parents,” Vanessa said.
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Still, they know they have to be realistic. After renting a detached one-bedroom condo in the downtown core — paying more and more each year — they know they’ll have to leave town to buy a home.
“Although we will miss the city, we want to start a family,” shared Vanessa. “After seeing all these properties, my boyfriend and I realized we had to find more space.”
The couple is working with a real estate agent and have seen a few…