Tips for first-time homebuyers as affordability in Canada continues to deteriorate
The Ottawa couple began looking before the pandemic but were repeatedly sidelined by rapidly rising house prices, climbing interest rates and tougher mortgage rules.
First-time homebuyers have traditionally accounted for more than half of all purchases. But that share has been declining since the pandemic began, reaching a low of 46.8 per cent in June 2021 as real estate investors and multiple-property owners picked up the difference, TD said.“The drop in prices has not offset the effect of higher interest rates,” said RBC economist Robert Hogue. “Our affordability measure is still deteriorating.
“People often wait too long to try and find a Realtor,” she said. “I suggest reaching out to Realtors a year before you plan to buy.” “It’s a powerful way to come up with a down payment for a first home,” said James Laird, co-CEO of Ratehub.ca and president of CanWise mortgage lender. But Laird warns new buyers to steer clear of the program, noting that co-owning a home with the government is an “odd” scenario that could backfire.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
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