Buying Your First Property in 2023 | 5 Mistakes To Avoid

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Chapters
0:00 Buying Your First Property
1:33 - Mistake 1: Not Knowing All Your Options
4:27 - Mistake 2: Not Knowing How Mortgages Work
5:53 - Mistake 3: Not Taking Advantage Of RRSP and FTSA
7:00 - Mistake 4: Buying For The Short Term
7:42 - Mistake 5: Don’t Buy Because Of The Hype

[@TomStorey]

Thanks for watching. Hope you like the new studio setup!

[@TheSpyder699]

First look the value 👌 of the area and drop the price from the difference of the drop in % don't be shy to go 50-100k under asking when the price is off 😀

[@tylerh8275]

Living in Langley near Vancouver, Ive noticed the market picking up quite a bit lately, even seeing many places going into BIDS.....how are ppl affording these rates, who the hell knows

[@amineaiffa]

Its investor groups, big and small. There are groups of friends who all pitch in 100k each into a property and rely on renting to generate cashflow for that property. They use that cash to pay off the principal. Their first goal is to pay off the property in full and gain ownership. The second goal is to continue to rent it out for cash flow. Then use that property as collateral to purchase another property. Rinse and repeat and you suddenly have a portfolio of 5 homes across 5 friends.

[@tylerh8275]

@@amineaiffa its mostly buyers moving into the home. Not sure where u got that theory but I havnt seen one buyer like that. But its hilarious how ppl like u think u know but have no clue who buyers are in real life lol

[@franksantana9553]

Excellent guide, Tom. I'm one of those 1st time home buyers trying to get into the market this year, and this is super helpful 👌 Keep up the great work 👍

[@TomStorey]

Thanks Frank! Look forward to connecting next week 👍

[@ThePhandey]

Great video

[@mdte5421]

I currently live in midtown on Yonge and davialle in a rent controlled building which I have everything that I need. The rent is 1600 for 1 bedroom ( swimming pool and gym ). The fact that I live here I’m able to save a lot for a future place. Im too confortable to move out 😇

[@TomStorey]

Sounds like a great deal. Great area too.

[@essamnadeem]

Love the new setup! It looks like a HUGE upgrade! Congrats!

[@umasordini9843]

Co-ownership is a really interesting alternative, however, this requires trust or a trusted financial system to define terms for such a contract. Are you aware of any financial regulations around co-ownership in the current system?

[@umasordini9843]

Property value, and CBDCs. What percentage of Canadians own property? In Canada, the homeownership rate in 2021 was 66.5%, and it fell 2.5 percentage points from 69.0% in 2011. In Newfoundland and Labrador, the homeownership rate in 2021 was 75.7%, and it fell 1.8 percentage points from 77.5% in 2011 Expected 1 out of 5 defaults on Mortgages due to debt to equity ratio. Canada needs to own something, or we will not be happy!

[@Chris-sx4qw]

Thanks Tom for keeping real & transparent great vid 👏.

[@herald9]

If I already have a TFSA, is there a point to opening up a FHSA?

[@TomStorey]

I’m actually doing a webinar with RBC on this topic on April 26th. Info is still coming out on the FHSA.

[@lafcadiothelion]

I had no idea that’s how you pronounce avocado

[@TomStorey]

It’s definitely not how you pronounce it. Didn’t have time to re-shoot the intro.

[@Jo-mf2vu]

First mistake with buying in 2023. You bought in 2023!

[@tylerh8275]

hows that, prices are going up again

[@Jo-mf2vu]

@@tylerh8275 Yep. Prices never go up or down in a straight line. The macro economic situation all over the world with banking crisis, central banks rising interest rates ridiculously fast after many years of really low rates, many mortgage payers in Canada having amortizations extended because they can't pay the interest on their mortgages, and job losses from recession being expected by many economists. All this playing on right now makes this a very risky time to sink your money into overpriced real estate. It's just common sense to not buy, unless you really like risk.