First-Time Homebuyers in Toronto Struggle to Find the Right Home Amid Rising Interest Rates

Many first-time homebuyers in Toronto are facing a common challenge: despite saving up for a down payment, high interest rates are making it difficult to enter the market. One such buyer is looking for a condo with 1-2 bedrooms and 1.5 bathrooms, but the high costs and rising rates have made it a tough journey. This situation may resonate with many others in the city who are eager to buy but struggling to find affordable options. As the housing market continues to shift, first-time buyers may need to reconsider their expectations or find alternative solutions to overcome these barriers.

Credit: Clarrie Feinstein, Toronto-based business reporter for the Star.