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:
- How to separate your must-haves from your nice-to-haves
- Why location should be one of your biggest considerations
- How commute, transit, parking and neighbourhood affect your decision
- Why first-time buyers should think about resale value
- How to avoid “champagne tastes on a beer budget”
- Why searching for the perfect home can lead to analysis paralysis
- How to think about your lifestyle 5 to 10 years from now
- Why your first home does not need to be your forever home
- How the 80% rule can help you recognize the right property
- Why cosmetic features should not outweigh location and layout
- How condo fees, outdoor space and future development can affect your purchase
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.