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.