First-time home buyers in Canada are facing the toughest real estate market in generations
Skyrocketing home prices and massive interest rate spikes have driven affordability to its worst level in decades, according to a TD Economics report, leaving some first-time buyers shut out of the market altogether.
The first call all prospective first buyers should make is to a real estate agent, said Despina Zanganas, a Toronto Realtor with PSR Brokerage. “I’ve had first-time home buyers that say they want to buy a house in Rosedale and they have a $900,000 budget,” she said. “A mortgage agent will help set your expectations properly.”
Another new program called the First-Time Homebuyer Incentive offers up to 10 per cent towards a new home purchase through a shared-equity mortgage with the government. Mortgage loan insurance from the Canada Mortgage and Housing Corporation allows buyers to pay a smaller down payment in exchange for a fee of up to four per cent.However, mortgage loan insurance is available only for properties with a purchase price below $1,000,000. Laird said the maximum should be higher in cities like Toronto and Vancouver.
“I always warn them that once they sign on the dotted line, they’re going to worry it was the worst mistake of their life. Everybody goes through that.”
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