How far are you willing to extend yourself for your dream home? If you’re like many new Canadian home owners you might be at the end of your financial rope. According the Canada Mortgage and Housing Corporation (CMHC), many home buyers are going to the end of their budget to buy their first property.
CMHC recently issued the findings of their annual mortgage consumers study that contained interesting data on purchasing trends. 85% of new home buyers spend as much as financially possible on their first home. 76% remain confident they will not default on their mortgage regardless of the cost. In addition, 60% of new buyers plan on using other assets if they have financial difficulties. Since the inception of this study in 1999, CMHC says housing affordability is most vital to all home buyers. The study also considers other factors, such as the property’s location and condition. Despite their confidence with their purchase, most home owners are still worried about unexpected costs and increasing interest rates. Regardless of the uncertainty, and additional mortgage rules, homebuyers are remaining positive. 80% of home buyers surveyed said purchasing a home is a good long-term financial investment. 60% believe that their property’s value would increase over the next 12 months.
Over 4000 new home owners participated in this particular online survey earlier this year. While this is an interesting snapshot of first time home buyers, it does not necessarily reflect all Canadians. Gaining knowledge of the real estate market and related trends is a great way to stay informed and make wise decisions. At MinMaxx, our team of experts can help you find the right property, at the right price. MinMaxx co-founder and CEO, Azim Rizvee, understands the peace of mind that comes with your first home purchase. Helping others achieve the dream of home ownership is a key driver to our business. It is the very reason why Mr. Rizvee launched MinMaxx in 2006 and continues to help make dreams become a reality.
Our experienced real estate professionals are ready to help you, every step of the way. Give us a call or send us an email to get started today. Phone: 416-264-1111/Toll Free: 1-888-MIN-MAXX or Email: [email protected]