01 Jun What House Hunters in 2015 Need to Know
Are you planning on buying a home this year?
Buying a home is an exciting prospect, but it can also be overwhelming. There’s quite a bit you need to know as a home buyer, especially if you’re buying a home this year. We’ve gathered important facts for you about the housing market in 2015.
Canadian Homes Are Expensive
If you’ve spent any time browsing ads for homes, this fact isn’t news to you. But, were you aware that over 40% of first-time home buyers can’t afford a house without their family’s help? In a report published by BMO in April 2015, nearly half of the respondents said that they would not be able to purchase a home without their family’s assistance. A significant factor in the unaffordability of Canadian homes is their rising prices. The cost of buying a Canadian home has risen since 2009.
Home Buyers Have Higher Incomes
In spite of rising home prices, the situation isn’t so grim for Canadians seeking to buy homes. A survey conducted by private mortgage insurer Genworth Canada showed that first time home buyers are wealthier than average. The survey showed that almost a third of Canadians buying their home for the first time had an income above $100,000. The number of first time home buyers with that income in Toronto was 40%, while it was 39% in Calgary. Twenty four percent of first time home buyers in Montreal and 21% of first time home buyers in Atlantic Canada fall into that category.
Down Payments Aren’t Always So High
Many first time home buyers are intimidated by the cost of a high down payment. The good news is, down payments aren’t high in every part of the country. According to a study by Genworth Canada, 63% of first time home buyers paid a down payment of less than 20% of the cost of their home.The median down payment across Canada was less than 12% of the home cost. There’s bad news for people in Vancouver and Toronto, though. The median down payment in Vancouver was 20% of the home cost, while it was 21% in Toronto. Toronto and Vancouver are Canada’s most expensive cities in which to buy properties, so people planning on buying a home in those two markets should save up.
Make the right choice, right away
Whether your buying new homes in Alliston or further out, keep your eyes open and make the decision that best suits your needs before your wants.
At Previn Court Homes, we know that house hunting is extremely important, and we strive to create beautiful homes that will provide long term value. Since our inception over 40 years ago, we have constructed in excess of 1500 homes in Canada, and in the process made the dreams of 1500 families come true.
Take a tour of our incredible models, or contact us today for more to let us know your needs in terms of bathrooms, bedrooms and budget.