Our youngest son and his wife just bought their first home, which is impressive (he is 27 and she is 25).

They saved for the down-payment, did their research, had their heart broken when they lost the one they loved, and recently sealed the deal on a lovely home.

As a parent, I'm thrilled, but as a financial advisor I still worry. As a mom I worry too. I know they haven't taken on more than they can handle. They are good with numbers. They have been prudent and even declined the full mortgage amount they qualified for. But what if there is a housing market bubble? What if one of them loses their job? What if their home is worth less than the mortgage down the road?

A lot of "what ifs," but I also know you can't sit around worrying about something that might happen.

We did the same thing back in the 80's when we bought our first home and interest rates were 18 per cent. There were a lot of "what ifs" then too. It didn't stop us.

The housing market in areas like Toronto and Vancouver continues to be stubbornly hot with little sign of slowing down.

The frenzy has been driven by our low rate environment, an ongoing shortage of listings and a growing sense of panic that if they don't get in now they could be locked out of the market.

Many have witnessed the price gains and felt this sense of having to play catch up. In other words, taking on more debt for less property due to the imbalance in supply and demand.

Prices are rising so much faster than incomes in parts of the country.

We are seeing more first-time homebuyers entering the market with just 5% down, which leaves them vulnerable should rates start to go higher.

So, what I've concluded - there are always going to be risks and as you move forward the focus should shift toward mitigating those risks.

Like many, I like the idea of owning real estate.

Why pay a landlord over time if you could build up your own assets verses theirs?

So, if you are thinking of jumping into this market a couple of considerations: save, save and save a little more! Shorten your amortization period; increase your payment amounts and frequency where you can.

Stay put in the home for as long as you can.

And just because you may qualify for more home than you ever thought you would, recognize it doesn't mean you should over buy.

This is just one more way of living below your means.

Finally, I've lived by the mantra of hold a little back for the rainy day. In others words an emergency fund.

Unfortunately, it does rain on all of us once in a while but with a little prudence you will be able to tread water and won't drown in debt.