Clicky

Millennials: How to get into the Housing Market

This particular period in time might be the most difficult ever for a Millennial to buy a home.  There are several factors at play here working against them; stagnant incomes, high home prices and the stress-test introduced by the Liberal government on January 1/18.

In 1976 the average median income for 25-34 year olds was $54,700.  Today it’s $49,800.  Almost $5,000 lower.

The average home price in 1976 was $213,000.  In 2017 it was $510,000.  That’s more than double.

And the average rent in Toronto was up 11% to $2206/month.

If owning a home is a dream of yours but it seems out of reach, contact us today as we have programs available to help people achieve home-ownership soon than they expected!  Call 1.877.336.3545 or visit www.donnasmortgages.com to contact us that way.

You May Also Like

Bank of Canada Holds Rate Steady

As was pretty much expected, the Bank of Canada held the overnight interest rate at 1 ¾% this week, citing a weaker outlook for the Canadian economy.  The softer tone from the Bank is in direct contrast to what they said when they last met October 24.  Since that time, oil prices have fallen considerably… Read More…

Four-Month Home Sales Gain ends in September

Here is a great article from DLC’s Chief Economist Sherry Cooper regarding home prices, house listings, and rent. Four-Month Home Sales Gain Ends in September

Bank of Canada Set to Raise Qualifying Rate

On Monday, May 14 the Bank of Canada will be raising the qualifying mortgage rate for prime mortgages to 5.34%.  It currently sits at 5.14%.  This will affect borrowers wanting a variable rate the most.  If you’re wanting to qualify for a mortgage before the rate increases, you only have a couple more days left. … Read More…

Leave a Reply

Recent Posts