Why do Millennials believe that homeownership may be out of reach?
A KPMG survey says Millennials believe it’s a combination of (a) rising house prices, (b) high levels of personal debt, and (c) annual incomes that are just a fraction of the cost of buying a home compared with their parent’s generation. That last part isn’t entirely accurate. Read my last blog, What Boomers Got vs. What Millennials Are Getting.
In contrast, here is an infographic created by Statistics Canada that perhaps sheds a little more light on one of the issues Baby Boomers rarely experienced – namely, eating out! Talk about chewing up your savings for a home!
Let’s start a conversation about how I can help you (or your children) develop mortgage strategies for homeownership that will open doors!
Refreshing News:
First-Time Home Buyer Incentive
There is more information available now on the First-Time Home Buyer Incentive. Aimed at helping people across Canada purchase their first home, the program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.
If you’ve been wondering whether you’re eligible, follow the link and read the section entitled, “Am I Eligible for the Incentive”. It contains in-depth information, criteria (and a calculator) to determine your eligibility.
If you have questions about homeownership in Canada, let’s talk. I am here to help!
Family Smiles from November and December
