Statistics in Zoocasa’s recent Housing Trends Report 2018 show that 84 per cent of Millennials surveyed consider owning a home a life milestone. Compare that to an Ontario Real Estate Association survey facilitated by Nanos Research Corporation, which found that 68.5 per cent of young Ontarians agree or somewhat agree that owning a home in their community is unaffordable. Of course, rents in the GTA are higher than ever as well. With rising interest rates and home and condo prices, the down payment required to buy is elusive for many young potential buyers. The interesting thing is that first-time buyers are finding ways to purchase every day, especially in condominiums.
First-time buyers are saving, receiving financial help from family members, going together to co‑purchase condo suites and doing whatever they can to make ownership happen. The government offers help in the form of tax credits, RRSP withdrawal allowances and GST/HST rebates. Some builders/developers provide incentives that help to reduce the bottom line. Potential buyers understand that getting into the market as soon as possible is wise.
If you have questions about how you might afford a home, check out CMHC’s “Homebuying Step By Step” and “Condominium buyer’s guide” online at www.cmhc-schl.gc.ca/en/co/buho/.