It has been proven that owning a home in GTA has become more difficult, especially if you are a millennial, due to inflation and rising housing prices, but one expert says it is not impossible if you plan wisely.

Lesley-Anne Scorgie, financial advisor at MeVest Foundation, says setting a big goal like owning a home is good, but you must plan for such a process.

"Think of a down payment of 10 or 20 percent. You need to automate your savings once you have an idea of the amount you want to achieve." "Then go back to your budget and start saving at regular intervals, usually on payday, the amount you want to allocate to bear this big goal."

Real estate broker Russell Robson says there was a slight correction in the housing market over the past month when it comes to extremely high sale prices. "This is not only a result of rising interest rates and implemented government policies, but also due to increased supply as we approach the spring market."

Robson said that although housing prices have dropped slightly, they are still very high.

According to the Toronto Real Estate Board, in April, the average price of a detached house was more than $1.9 million while the average price of a semi-detached house was close to $1.5 million. And the average price of a condominium was around $800,000.

Robson said: "Especially with millennials, they suffer from purchase deal fatigue, where they make an offer, compete and don’t get properties and the price reaches an exorbitant amount."

Robson explained, "Those who managed to find homes get help. Some of them may be lucky enough to get help from parents and many of them are experiencing co-ownership where two millennials will have their own down payments and decent income, and then they will come with a sibling or a friend together to buy."

Scorgie encourages people not to feel discouraged by the current market. If the home seeker is smart with their budget, they should be able to find a home.

"Set a goal anywhere from three to five years. And there is an interesting fact about setting goals that anything beyond five years tends to become a bit blurry."

The financial advisor adds that it is acceptable to spend three to six percent of your household income on health and enjoyment but that should be part of your budget.

Scorgie said, "Get rid of anything that doesn’t serve you or make you happy. If you are looking for ways to make money, study your budget step by step." "Now is not the right time for unnecessary subscriptions or wasting food."

Scorgie says it is important for the potential homeowner to have an emergency fund, which includes at least three to six months of your salary, and to make sure you have that in place.

Editing: Dima Abu Khair