Is a cottage a viable 1st home? How the ownership thought process is changing

Should your first property be urban, suburban or rural? Here's what to know about how costs and lifestyle can vary depending on where and what kind of home you buy.

This article is part of Global News’ Home School series, which gives Canadians the basics they need to know about the housing market that they never learned in school.

Prospective buyers in Canada’s housing market have a range of choices when it comes to climbing the first rung on the property ladder.

Condos might be the go-to choice for urbanites looking for a more accessible way to buy a home, while those looking for room to grow might try to get a stake in the suburbs or outside the main cities — if they can afford it.

Experts who spoke to Global News for this month’s entry in the Home School series say the COVID-19 pandemic has left a legacy for Canada’s real estate market that’s changed what’s possible for first-time buyers, with income properties and more rural or traditionally recreational homes now a more viable path to ownership.

Here’s what you should know about where to hunt for your first home.

Let’s get the obvious out of the way first — the biggest factor determining where and what you buy in Canada is affordability.

Rising interest rates and a tight rental market in the past few years have made it difficult for many Canadians to build up the savings necessary to put down money on a home and qualify for a mortgage, limiting what homes — if any — prospective buyers can afford.

If you’re looking to buy in a metropolis like Toronto or Vancouver, or even in another major city like London, Ont., Halifax  or Calgary,  a condo tends to be one of the more accessible paths to ownership.