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Canadian first-time buyers in an ever-intensifying housing market are increasingly worried about missing out on a property because they can’t make the down payment, according to a new survey.
The survey, released Friday by Royal LePage and residential mortgage insurance provider Sagen, found first-time homebuyers across the country, except for Alberta and the Prairies, reported higher levels of anxiety compared to 2019.
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In B.C., 71 per cent of first-time buyers expressed concern their down payment will fall short of getting them the home they wanted compared to 56 per cent two years ago.
Why the first-time home buyer incentive is struggling to gain traction theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
New First-Time Home Buyer Incentive Might Fuel the Housing Bubble
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Canada’s housing market is on fire right now. More accurately, it has been on fire for a relatively long time, and unfortunately, no serious measures have been taken to tone down the heat. The average housing price in Toronto and Vancouver reached new heights, and no signs are indicating that the prices will come down any time soon.
Several experts drew parallels from
Canada’s housing market to New Zealand’s. They speculated that the Canadian government might put its foot down and finally control the rampaging housing market as New Zealand did.
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Winnipeg Free Press
The FOMO market
Local real estate market is as hot as ever, yet Winnipeg remains one of most affordable cities in Canada for first-time buyers By: with Joel Schlesinger Save to Read Later
Like everyone else buying a home these days, Mackenzie Kolton paid over listing price for the single-family home she recently purchased.
Like everyone else buying a home these days, Mackenzie Kolton paid over listing price for the single-family home she recently purchased.
But paying a premium was well worth it to the 20-something Winnipegger, working in the non-profit sector with LGBTTQ+ youth. I was looking at the next three to five years of my life, and I realized that rent is almost as expensive as a mortgage with the expectation I had for living space, says Kolton, who saved enough over several years for a five per cent down payment on a modest home.