More And More First-Time Home Buyers Are Getting Help From Family To Cover The Down Payment. More than a third of homebuyers in the GTA were given a lump sum payment from parents or relatives to purchase their first property and nearly 75 per cent of first-time homebuyers in the GTA worried that their down payment would not be enough, according to a new survey.
Toronto rents just skyrocketed again and here's how much you'll need to spend. Toronto rents just skyrocketed again and here's how much you'll need to spend. It will now cost you well north of $2,800 to rent an apartment in Toronto, and renters looking to move into a new home will have to fork over more than 15% higher prices than this time last year.
Just as Canada’s housing market was starting to rebound, the Bank of Canada has dealt it another blow. The bank’s decision to raise its key interest rate 25 basis points to 4.75 per cent on June 7 could put downward pressure on home prices, which have rebounded faster than the bank had expected. This latest interest rate hike could add to the financial burden of some variable mortgage holders and those renewing fixed rate loans this year.
Canadian Banks Report 1 In 4 Mortgages Are 35 Years Or Longer. Canadian first-time home buyers are 36 years old on average. That means they won’t have that starter condo paid off by the time they retire, according to recent bank reports. Four of the Big Five banks reported a large share of their portfolio had amortizations longer than 30 years in Q2 2023. Most of them have at least 35 years or longer remaining, as they extend terms to prevent over-leveraged buyers from defaulting.
A buying frenzy is re-emerging in Canada after one of the steepest housing price declines in the nation’s history. In Toronto, properties are selling the day they hit the market. In Vancouver, lines for open houses are stretching down the block. Homes are now once again selling for hundreds of thousands of dollars over asking. The mystery is where the money is coming from.