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What first-time homebuyers want from their advisors

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Second, the fact that you did not do this research for yourself as a self described financial journalist is sad. For you to hold yourself out as an expert whom other non experts read daily is disappointing. As an advisor we must adhere to strict codes of conduct and continuing education. Sadly it doesn’t seem to be the same in your industry. Finally, returning to investing without an advisor is a huge mistake as is evidenced by your decisions on your home purchase and advice in this article. Please find a new advisor and ask all of these questions ahead of hiring them so that you are not scapegoating another one and making possibly larger mistakes in your financial life.

Wednesday, Sep 13, 2017 at 6:39 pm Reply


Thank you for your feedback. As noted in the article, the author had done research prior to her home purchase, but when it came to the actual transaction, emotions took over – as we suspect they do for many clients, knowledgeable or not. We shared the author’s experience with the goal of helping advisors understand client vulnerability to irrational behaviour and to offer tips for being more empathetic and less judgmental in such situations. Thanks for your readership. – Melissa Shin, editorial director

Thursday, Sep 14, 2017 at 11:47 am


I would like to suggest a few edits for you – One, the withdrawal from registered plans should be done through the Federal governments First Time Home Buyer’s Plan, not just as a withdrawal. Withdrawals with the HBP process allows the new homeowner to withdraw from the RRSP tax free as long as it is being used for the purchase of a qualified home. This is only an option once you have bought a home, so the down payment should not come from these accounts. Instead, a potential first time homeowner should save the 5% up for the purchase in a TFSA which will also allow for a tax free withdrawal (and growth). There is and should be planning involved when someone is looking to buy any property, let alone their first. As a financial journalist, this should be obvious to you. I agree that the advisor should provide a list of referrals to those who would have been helpful to you in this big purchase – mortgage broker, lawyer, banker, realtor – we do in our practice every day.

Wednesday, Sep 13, 2017 at 6:34 pm Reply