According to the 18th Annual RBC Home Ownership Study, over half of young Canadians (55%) believe that it makes sense to delay a home purchase until next year.
When extending the window to two years however, 43 % of those between the ages of 18-34 stated that they were intending on buying in the next two years. In comparison, 29% of Canadians aged 35-54 and 17% of those 55 and over were likely to buy in the next 2 years.
When extending the window to two years however, 43 % of those between the ages of 18-34 stated that they were intending on buying in the next two years. In comparison, 29% of Canadians aged 35-54 and 17% of those 55 and over were likely to buy in the next 2 years.
The increasing role of the internet as a major player in the world of Real Estate was also evident in the report with the bulk of those young potential homebuyers (55%) reporting that they were looking online for real estate advice and information. Also getting the nod as sources of real estate information from the younger demographic were family and friends, at 48% and 35%, respectively.
On the other end of the age spectrum 71% of Canadians aged 45-54, and 74% of those over 55% said they were more likely to turn to an agent for advice.
When it came to ongoing concerns for Canadians... lack of a sufficient mortgage down payment was the biggest concern for younger Canadians (23%), which may explain why many feel they are a year away from making a purchase, taking the extra time to try and save. Younger Canadians also reported concerns about rising prices in real estate making it harder to get into the housing market.
As for younger Canadian homeowners, the study found that almost half (46%) felt they were “home poor” with their present mortgage using up too much of their income.
The concerns reported in this latest survey certainly illustrates the importance for Canadians to seek out a qualified team of professionals including a trusted Real Estate Agent and a Mortgage Broker when considering a home purchase.
By working together with a Realtor and a Mortgage Broker you can ensure you get the expert advice you need on what you can afford, the costs you will need to account for and you’re current financing options.
As always, one of the keys is early preparation. It is never too early to start putting pieces in place in preparation for a home purchase. Getting your down payment issues resolved, your credit history checked and in good standing, your income verification documents in place and your pre-approval in hand can make your home buying experience a positive one. By successfully preparing you are preparing for success. Early preparation will also keep you from getting caught up in the moment and making decisions based on emotions.
Once you have decided to purchase a home...find out what you can comfortably afford... determine the lifestyle you want to lead and then set the plan in motion to make it happen.
Domenic Mirabelli
416.303.4480
domenic.mirabelli@migroup.ca
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