• Home ownership in hamiltonHome Ownership In Hamilton: A Twenty-Something’s Perspective

    You go to college, you meet a great partner, you get a great job, you have a wedding and you get a beautiful house. Home ownership in Hamilton, all by the age of 27.

    This was the idea or so-called “dream” that my friends and I would imagine for our futures when we were younger. As time has gone on and we have gotten older, we realize that the reality of this dream is not as realistic as we’d hoped it to be.

    My name is Taylor Floris. I am the daughter of Robert Floris and am a 24-year old, born and raised Hamiltonian. I have recently graduated from the University of Guelph and have become a licensed Mortgage Agent, following in my father’s footsteps. I have checked off some of the things on that list, but the closer I approach that dream age of 27, the more I realize my reality of home ownership in Hamilton in three years isn’t looking so great.

    As recent graduates who have started to enter the workforce, my friends and I are becoming more in-tune with the value of money and what things actually cost in this world. Our findings are worrisome to say the least. As single twenty-something girls, we realize that we are far from our home ownership dreams. With the Hamilton housing market skyrocketing, we are seeing prices of homes and the general cost of living beginning to increase. If we were to find a half-decent home for $350,000 (wishful thinking), we are looking at a minimum down payment of $17,500. Not to mention any of the other fees associated with home ownership in hamilton or the cost of actually having anything inside that home!

    When discussing the Hamilton housing market, my friends and I have come to the realization that there’s a good chance we will be living at home until the age of 30 or until we find ourselves a partner that we can move in with. We have also discussed the likelihood of needing to leave Hamilton for our first home in order to find something more affordable. Unless things start to change, I can’t see any other situation being viable. With everyone from Toronto making their way towards Hamilton, demand has gone up while supply remains the same. I mean, even a typical monthly rent in Hamilton is the cost of your average mortgage payment!

    With this said, in life there are things you cannot control. The Hamilton housing market is one of them. What we can control, however, is the actions that we take ourselves. If I cannot change Hamilton’s housing situation, I can at least be responsible for myself and my savings. I can look at the end goal, analyze realistic prices, figure out a down-payment that I would need, and begin to save. If all else remains the same, I have time before I am put into a situation where I am looking for a home. I think it is important for young people like myself to start thinking of these things now, rather than later. Put aside money from every paycheck towards the housing piggy-bank. If we start being mindful of what we are spending and saving today, I think my friends and I will be a lot more comfortable in 5-6 years down the road when it’s time to put in a down-payment.

    The finish line may be scary, but if we attack what is in our control at this moment, then I think we will be happy homeowners and fulfill our childhood dreams in a comfortable manner when the time is right…just may be a little later than 27 years old.

    Robert Floris has been in the mortgage industry for 30 years, including working as a Sales Manager for a major chartered bank. Over his career, he has personally lent over 1 billion dollars and proudly continues to advise and tutor his valuable clients.

    Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

    If you would like to apply for a mortgage online, please follow this link.

    If you would like to see our Google reviews or leave one yourself, you can do so here.

%d bloggers like this: