First time buyers may need $500,000 but ownership is still favourable

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First time buyers have something of a mountain to climb these days with price increases pushing the amount needed for a downpayment higher during last year. Despite low interest rates it is still a daunting prospect to take on a home loan of the size required for some starter homes; in Toronto it could mean a $500,000 loan for even a modest property. That said, home ownership is still the aspiration of most and experts say that it is still a good option. Dana Senagama of CMHC told CBC that the market is set to remain strong while interest rates are low and houses will still be a hot commodity especially in Toronto, Vancouver and Calgary. Immigrants are an important driver of the housing market she says, with those that have been in Canada for a few years looking to own their own home.  
  • Angela Wong-Liao - Invis on 2015-01-08 12:32:00 PM

    I notice that most of my first time home buyers clients have the support from their families in the form of gift funds as down payment from their parents & immediate family members.

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