What's Hurting First-Time Homebuyers?
2025-11-10 | 07:42:30
Seniors who are staying put. Many Canadian seniors are choosing to stay in their family homes longer than ever before — and that’s having ripple effects throughout the housing market.
If you’re a first-time homebuyer feeling the squeeze, you’re not alone. Let’s talk about smart strategies to help you achieve your goal of home ownership — even in today’s competitive market. Here are 6 things you can do to position yourself for home ownership:
1. Review income, expenses, and savings.
2. Use a mortgage affordability calculator to determine how much you can afford.
3. Check and strengthen your credit rating. Aim for a credit score of 680 minimum.
4. Save for your down payment.
5. Talk to a trusted and experienced Mortgage Broker about mortgage pre-approval.
6. Brush up on Home Buying FAQs
Want to know what’s keeping seniors from moving?
According to data from Canada Mortgage and Housing Corporation (CMHC), the “sell rate”—the proportion of Canadians over 75 selling their homes—has dropped steadily from 1991 to 2021. As Canadians live longer and remain financially secure later in life, more are opting to age in place rather than downsize or move to retirement communities. Here’s why:
1. Emotional Attachment and Identity
A family home represents a lifetime of memories — raising children, celebrating milestones, and building routines. For many older adults, their home is part of who they are. Leaving it can feel like losing a piece of their identity. Staying put also provides a strong sense of control and independence.
2. Financial Factors
Many seniors have paid off their mortgage, making it much less expensive to stay than to rent or buy elsewhere. Rising property values means that selling comes with significant costs, i.e. land transfer taxes, realtor fees, packing, staging, moving, and furnishing a new space. Some seniors fear outliving their savings if they sell their home and move into a retirement residence where they may experience an increase in fees.
3. Limited Housing Alternatives
This is a big one! Canada faces a shortage of affordable, accessible housing for older adults. Retirement communities can be too expensive or feel institutional rather than homelike. Downsizing options such as condos or bungalows may not meet mobility or lifestyle needs — or are in unfamiliar areas.
4. Community and Social Connections
Many seniors have deep roots in their neighbourhoods — nearby shops, trusted neighbours, and familiar doctors. Moving often means losing those social connections, which can lead to isolation. Staying in the same community allows them to age comfortably in a familiar setting.
Those are some of the reasons seniors aren’t selling – in contrast to all the reasons you’re eager to buy! Let’s chat!
Thank You for Supporting the 13th Annual Running for Rachael
On Sunday, September 28th, our community came together at Lime Ridge for the 13th Annual Running for Rachael 5K Run/Walk — and what a day it was!
Not only was the weather perfect, everyone enjoyed the uplifting community spirit, the closed Mall Road loop, creating Messages of Hope, and the coffee and food generously provided by Fortinos Waterdown and Starbucks.
Heartfelt Thanks
A special thank you to our event sponsors for their generous support of suicide prevention, and to our 40 incredible volunteers who helped make the event a success. Your commitment and energy made a real difference!
About Running for Rachael
Running for Rachael is an uplifting community event that promotes mental health awareness and encourages conversations about suicide — inspiring healthy, help-seeking behaviour and connection.
Event Highlights
Together, we raised $33,293.21, with nearly 300 participants joining us this year!
How Your Support Helps
Funds raised will support:
• City-wide suicide prevention training
• Roots of Hope suicide prevention and life promotion initiatives
• Education and support programs for those who have experienced loss by suicide
Thank you for being part of our Community of Support. Together, we can change the narrative, reduce suicide, and generate hope in our community!
