It took three years for Ross Davison and his wife to purchase their first home.
The Ottawa couple began looking before the pandemic but were repeatedly sidelined by rapidly rising house prices, climbing interest rates and tougher mortgage rules.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Real estate experts say there’s a steeper-than-usual learning curve ahead for many first-time homebuyers. Still, they say there are tips and tricks that can help. Buyers often rely on word of mouth to find a real estate agent, but Zanganas said it’s important to shop around.The next step is to figure out what you can afford, Zanganas said.
It’s an improvement from the Home Buyers’ Plan, which allows Canadians to withdraw up to $35,000 from a Registered Retirement Savings Plan to come up with money for a down payment but must be repaid within 15 years, he said.Article content “We think it’s quite detrimental,” he said. “The government becomes a co-owner … they don’t pay the maintenance costs or property taxes, but they share in the potential appreciation. We find it flawed from many angles.”
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