Moving to a small B.C. town means I can afford to buy a home. But am I spreading myself too thin?

Even though real estate in some of Canada’s smaller communities is more affordable than in big cities, it has risen sharply since the start of the pandemic

. And any purchase still requires a massive amount of money upfront for a down payment and various closing costs, including legal and administrative fees, among other things. On a $250,000 condo, for example, that can reach almost $20,000.Jason Heath, managing director at Objective Financial Partners in Markham, Ont., says there’s no doubt thattoo thin when buying a home.

Once the sale has closed, Mr. Heath says buyers should still have liquid or semi-liquid cash available because the costs associated with ownership are wildly different than renting. By liquid or semi-liquid he means money in a savings account, or in a low-risk TFSA, that can be accessed in a day or two. A line of credit is another option, one that is better than turning to credit cards but not as good as cash, in an emergency.

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