Mustafa Sheriff is 26 years old. He owns six properties and he has a simple message for other millennials who are losing hope of ever owing a home in Toronto’s red-hot housing market. You can, and sooner than you might think.
Mustafa Sheriff is 26 years old. He owns four properties in the GTA — plus two in cottage country — and he has a simple message for other millennials who are losing hope of ever owing a home in Toronto’s red-hot housing market.Lowering expectations was just one of his strategies; he knew that first property wouldn’t be his dream home.
Some sacrifices may need to be made, such as moving in with family while saving, or coming to terms with the fact that your first home purchase doesn’t have to be a “forever home,” Schram said.An alternative to getting into a heated market, Schram said, is buying a property that’s cheaper elsewhere, renting it, and letting it appreciate while continuing to pay rent.
If the annual minimum repayment to your RRSP isn’t made, it will be included as taxable income for that year, said Madigan. “I recommend they go down a bit lower because the housing market is so competitive, you need to leave some room to bid up,” Madigan said. But, she acknowledged, while investing in the real estate market is not as volatile as the stock market, people need to evaluate their own risk tolerance by factoring in unforeseen risks such as interest rate hikes, unreliable tenants and potential job loss.It was that mindset that pushed Sheriff to work hard and get in as soon as he could. He’s now reaping the rewards.
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