Don't be afraid to purchase a home. It's generally a good investment.
I'm not sure about how real estate works in Canada, but the first step here is to visit a lender. This may help ease some of your fears. There are a lot of loan programs out there with different requirements, and if you have a good credit rating, a visit to a reputable lender (bank or mortgage broker) will give you a realistic view of what you need to do financially to achieve your dream.
Another thing is that real estate is local. Just because national trends are talked about on the news, it doesn't mean that prices in Winnipeg are the same. I agree with another person who answered this question that you need to talk to a real estate agent to see what's available in the price range your lender says you qualify for. You may be surprised.
Instead of stressing, get firm information. Visit the lender and a real estate agent and get firm numbers, so you know where you stand and what you need to do to achieve your dream.
Hope this helps.
I am a realtor in Arkansas.
· 1 decade ago