The Morrison Report

Buying your first home in Toronto can be exciting, but one of the hardest parts is figuring out the difference between what you want and what you actually need. In this episode of the First-Time Home Buyer Series, Davelle Morrison explains how to build a realistic home-buying wish list, decide which features are truly important, and avoid getting stuck searching for the “perfect” property. The buyers who tend to make the best decisions are not necessarily the ones with the longest wish lists. They are the ones who understand what they will and will not compromise on. In this video, you will learn: Davelle also explains why buyers should think beyond their current lifestyle. A home that works today may not work a few years from now if you need space for a partner, children, pets or a home office. Another important lesson is knowing when to stop looking. Seeing too many properties can make the decision harder, not easier. Once you understand the market and know your priorities, the goal becomes finding a home that checks the most important boxes rather than waiting endlessly for perfection. Davelle also shares the 80% rule. If a home meets most of your important needs, including location, budget, commute, layout and resale potential, cosmetic items such as countertops, paint colours and light fixtures can usually be changed later. Your first home probably will not be your forever home. The goal is to choose a property that works for your life today, gives you room for the future, and puts you in a stronger financial position over time. Get More First-Time Buyer Resources We created My First Home to help Toronto first-time buyers understand the process in a practical, approachable way. Download your free copy of our quarterly My First Home magazine and learn about upcoming first-time buyer seminars at: Have a question you would like us to cover in a future episode? Leave a comment on the video or get in touch with our team.

Trying to decide whether your first home in Toronto should be a condo or a house? There isn’t one right answer — the best choice depends on your budget, lifestyle, future plans and how long you expect to stay in the property. In this episode of the First-Time Home Buyer Series, Davelle Morrison breaks down the pros and cons of buying a house vs. a condo in Toronto and explains what first-time buyers should think about before making the decision. One of the biggest mistakes buyers make is assuming that a house is automatically the better purchase. Sometimes a condo can actually be the smarter option depending on your needs, while in other situations stretching for a house may make more sense over the long term. In this video, you’ll learn about: Condos can offer amenities such as pools, concierge service and minimal exterior upkeep, which can make them especially appealing for busy buyers or people who travel frequently. Houses, on the other hand, can provide more living space, outdoor access and greater flexibility as your family or lifestyle changes. They can also offer opportunities such as a basement apartment that may provide additional income. Davelle also discusses one of the biggest considerations with condo ownership: maintenance fees. The size of the building, concierge service and amenities such as swimming pools can all influence how much owners pay each month. Ultimately, there is no one-size-fits-all answer. The goal is to choose the property that works for your lifestyle, your finances and where you expect to be over the next five to ten years. And remember: your first home doesn’t have to be your forever home. For many Toronto buyers, that first step may be a condo — and the important thing is making a decision that puts you in a stronger position down the road. Get More First-Time Buyer Resources We created My First Home to help Toronto first-time buyers understand the process in a practical, approachable way. Download your free copy of our quarterly My First Home magazine and learn about upcoming first-time buyer seminars at: Have a question you would like us to cover in a future episode? Leave a comment on the video or get in touch with our team.

Buying your first home involves a lot more than just saving for the down payment. In this episode of Davelle Morrison’s First-Time Home Buyer Series, Davelle breaks down the costs Toronto buyers should prepare for and explains how to determine what you can realistically afford before starting your home search. One of the first steps is speaking with a mortgage broker or lender to get pre-approved. Davelle discusses how mortgage brokers can potentially secure a rate hold while you search for a property, as well as why working with a financial planner can help you establish a budget that keeps you from becoming house poor. She also explains why major financial changes, such as switching jobs or financing a new car, can affect how much mortgage financing you qualify for while you’re preparing to buy. In this video, you’ll learn about: Toronto buyers also need to account for both provincial and municipal land transfer tax, which can represent a significant upfront expense. Davelle explains how the tax is calculated on a graduated basis and discusses rebates available to qualifying first-time buyers. She also explains the difference between your deposit and down payment. The deposit paid after an accepted offer forms part of your overall down payment, while additional closing expenses need to be budgeted for separately. Other closing costs can include legal fees, title insurance and adjustments for expenses the seller has already paid, such as condo maintenance fees, property taxes or utilities. Whether you’re planning to buy a Toronto condo, house or your first property anywhere in Ontario, understanding these expenses before you start shopping can help you avoid surprises when it comes time to close. Get More First-Time Buyer Resources We created My First Home to help Toronto first-time buyers understand the process in a practical, approachable way. Download your free copy of our quarterly My First Home magazine and learn about upcoming first-time buyer seminars at: Have a question you would like us to cover in a future episode? Leave a comment on the video or get in touch with our team.

Buying your first home is exciting, but it can also feel overwhelming. Where do you start? How much can you afford? Should you speak to your bank or a mortgage broker? What mistakes should you avoid before making an offer? In Episode 1 of our My First Home series, Davelle Morrison walks through the first steps every first-time buyer should understand before beginning their home search. This episode covers: Whether you are just starting to think about buying or already actively looking, this video will help you feel more informed, prepared, and confident. Get More First-Time Buyer Resources We created My First Home to help Toronto first-time buyers understand the process in a practical, approachable way. Download your free copy of our quarterly My First Home magazine and learn about upcoming first-time buyer seminars at: Have a question you would like us to cover in a future episode? Leave a comment on the video or get in touch with our team.