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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





15 November 2018

More than half of Canadian first-time buyers plan to make a purchase during the next two years

This year, Canadian first-time home buyers have been facing a lot of various challenges: from three rate increases to mortgage rules tightening implemented in January. However, a recent poll shows that most of them still plan to become homeowners soon.

The latest survey by Rate Hub says that 71% of would-be buyers plan to make a purchase in the future. In addition to it, 59% want to buy a property during the next two years.

“Such a strong intention to buy real estate is restrained by several potential homeownership difficulties,” – says the report.

According to the report, 44% of respondents name insufficient down payment amount as the main challenge when buying a property.

It’s followed by the market uncertainty (17%), income level (12%) and credit score (6%).

Another issue bothering buyers is interest rates growth, as 68% expect rates and home prices to keep rising next year.

However, the respondents may be exaggerating, while many economists believe the market will be relatively cool in 2019, as growing rates will keep home prices under control.

Moreover, BMO senior economist Robert Kavcic predicts only a 1% annual price increase this month.

“In September, the average price growth in 26 surveyed markets was below 3% annually. It means we can see a relative home price stability across most of Canada,” – he says.

 

 

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