First-time buyers have 'lowered expectations' for finding dreamhome in Ontario
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- Опубліковано 26 вер 2024
- Despite the growing real estate market in Ontario, first-time homebuyers are lowering their expectations when it comes to finding their dream home. The biggest hurdle? Coming up with the down payment.
The task is much more challenging since the federal government introduced the mortgage stress test, making it more difficult for first-time buyers to secure a mortgage.
Hamilton Realtor Phil Golfi is predicting that the upcoming spring market will be "transitional" due to speculation over potential rate decreases and a significant number of mortgage renewals.
“There’s a ton of speculation out there that our market’s going to take off again, and housing prices are going to rise rapidly again, which is very scary if you’re a first-time homebuyer that hasn’t bought anything and that’s waiting on the sidelines,” Golfi said.
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You know what’s also contributed to market frenzy? REALTORS LIKE THIS GUY!!!!
This. I don't see why taking up debt for something you really can't afford will help you build wealth. These realtors have a big conflict of interest, they are incentivized to sell you more houses more expensive.
What has Justin Trudeau done to this country.. 🤦🏻
if we blame it on one guy - no matter how bad a leader he is - we will overlook many other variables at play: speculation, treating houses like a commodity, allowing investors to purchase but not rent or sell, poorly regulated investing by foreigners, corporations not paying their taxes, politicians at the service of the ultra rich...and so on. Let's keep a broad vision of who is responsible; otherwise the politicians will once again succeed at muddling our vision and distracting us from what's important.
Rates aren’t coming back down anytime soon.
Normality is never coming back in canada.
Homeownership will only be for retirees.
@@momofighter3211 Then when they die canada will be full of run down buildings.
Do you know what happens when rate goes down? Lol homes will be even less affordable
As soon as they lower rates, the housing market will go back into another feeding frenzy. Affordable housing is gone, and its never coming back.
Dream home? A first time home buyer can’t afford ANY home, not even a broken down shack. Even the expert is saying “500 thousand”, $700,000, a million”. Who has over a hundred thousand dollars in the bank as a first time home buyer? Don’t know what these experts are smoking.
spot on 😢
Lot's of people have more than $100, 000 in the bank.
A renter never pays anything off. At least with a mortgage you are building equity. Always better to pay off your mown mortgage than someone else's.@StickyMcBarf
I did. Unfortunately I had to buy in Toronto, so I feel not very accomplished with a 2bdrm condo despite being literally top 5% for my age.
@@andrewmccoll1582 no you can be proud of yourself for sure, a lot cant own despite being high earners due to highest mass immigration 🥲
Speculation being the key word. Sums up this market
The current situation was inevitable when the government allowed real estate to become a commodity.
1 million dollar home is $7,141.67 dollars mortgage payments per month , yikes .....how can someone even save money for food and take vacations , there is no chance you will ever see me , buying house in canada , its unfforable, this is only for rich people !
Mao was right. Nothing will be fixed if the government won't do it. It's an easy fix LOL. 1. Force all foreign buyers not to park their money in residential properties, 2. taxes on companies and 2+ homes where it prevents them from making dumb money, 3. minimum down payment of 50% for a mortgage, 4. house flipping tax sold in less than 5 years, 5. no airbnb unless it's a registered business 6. mortgage rates should never be below 6%. By doing all this will prevent today's artificial housing prices and rent abuse. Housing is meant for living, not to make dumb money.
Mao led China to ruin. And too much government intervention is why there is crisis.
thank you but no politicn cares
Housing prices will go through the roof with lower interest rates!! 😮
That’s why the interest rates aren’t being lowered until consumer spending gets under control and the job market collapses.
interest rates are not going down by anything meaningfull in 2024. Most it will drop is 50 basis points if that
It really gets me when these guys who have no post secondary education comment on interest rates coming down.
It's like asking the guy who cuts your hair to give his opinion on what he thinks is cause of the pain in your chest.
Stick with what you learned in your course!
Leave the financial advice to the people who are qualified to do so.
First time homebuyers and dream home don’t exactly much. Entitled much?
Getting pre-approved is such an important step in the homebuying process. It can save you a lot of headaches down the road.
Very sad to see Canada like this. I came 20 years ago and the opportunities to become home owner were great. I remember the perception was to buy a home to start a family. Now, we have investors buying most houses forcing people to always rent while demand of houses keep climbing due to the influx of newcomers. Newcomers find themselves trapped.
we need a lot less new comers!
Immigration is 100% responsible for this.
I'm sorry to say but a bunch of bad newcomers over the last 20 years (not yourself, obviously) created these problems. Look at 2000s immigrant landlords with 3 and 4 houses or more.
Justin need resign
There are no Dream Homes in Ontario.
I hope the investors all go broke over the next two years.
Investors are getting more and more exposed.
How can you blame the price of housing on investors? Are you talking about foreign ownership? Investors look for deals, otherwise they cannot make any money. What about people who got into bidding wars and paid more than asking price? That drove housing prices way up. There are a lot of factors contributing to the housing crisis.
@@Doogle999lmao if you had to start over today how many years would you have to work to buy the home you live in? Nobody in this country leaving high school can work their way to a house.
200k+ for a down payment and closing costs? That can get you a whole house where we live. Moved from Vancouver to a small town in the prairies, best decision we ever made. Vancouver is fun but outrageously overpriced, with endless rain, traffic, serious crime and houselessness. Yes, it’s cold over here, but much safer, quieter and people are much kinder. Starter homes for 150-250,000, condos for under 100k.
Sounds like a lot of people are bitting off a lot more than they can chew.
I like all of these promos from realtors urging to buy home now before the rates started going down. Nah.... better to wait for an avalanche of foreclosures when banks will start selling homes with huge discounts and ZERO comissions to realtors.
Horrible advice. Save your money and move out of Canada. It is the worst time to buy
the agent just want you to buy buy buy who care how much you could afford. Close the deal probably is all matters lol
As we keep adding money to economy at record pace and high immigration, unless economy breaks severely, why would there be a reason for interest rate to come down. If economy breaks, unemployment shoots up, with people unable to pay mortgage
Looking for 4 walls and a roof around 700-900K with 300K down payment. Canada Love
Nothing will stand out until next year.
This like small bite to get people to struggle again in the market.
Mortgage ownership and house ownership is totally different! 67% of Canadians own a mortgage which is very unstable in canada : 1) due to the every 5 years renewal (not like us 25,30 years in us ) 2) unstable rates 3) inflation 4) tax hike 5) Aging of the propertys on the market . Today houses are made for the quantity not the quality!
What’s worse than a realtor. It a joke . I’m asking honestly .
😮
5% if u want to pay the stress test.
Reality 20%
Look at how low the rates are for a stupid insured mortgage. You literally save more money by paying less when there is a 50bps spread for the 5 year mortgage rates.
End the occupation! Free Palestine!
The government ended the first time homeowners Grant now you need 10% why would you possibly put out a news clip about first-time homeowners the government ended the first time homeowners Grant now you need 10% why would you possibly put out a news clip about first time homeowners and not even mention that???
Don't worry I will tell you the news that mainstream refuses to!
Pump those rates! No pain no gain!
In my experience and I paid 15% to mortgage my first home. When rates go up it takes years to bring them down. We will see at least 5-7% mortgage rates for 10 years maybe longer.
Move to another country.
@Rocksteady246good z10 bot let the hate flow
Rwanda is nice at this time of year.