Hey everyone,

First time prospective homebuyer. Currently employed as a full time firefighter in southern ontario looking to break out of the rental market and into home ownership.

New to my workplace with limited savings and income but that will change drastically over the course of the next 5 years. Great/ near perfect credit score.

I am hoping that the first home I buy will my “forever” home, I don’t have much interest in flipping a home or trading up as I am wary of market volatility. However I understand that someday in the hopefully distant future due to age/physical ability I may have to move.

I have been watching a home that appears perfect for my needs, would be an easy commute, and is currently listed for an amazing price that is juuuuust within reach of my current means.

There is a catch. It’s leasehold, not freehold.

I’ve done some reading on what to look out for and asked the agent for a copy of the lease agreement (still waiting to receive it).

Is there anyone here with experience either purchasing or selling leasehold properties? I’d like to understand both sides of the coin to the best of my ability before I go view the place / make an offer.

Thanks for any help!