Mortgage, Money and Dream – Our thoughts on Canadian Mortgage Market
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Buying a home is becoming harder for young Canadians. Canadians who are just joining the workforce or have been there for a little while are finding it difficult to buy a home because of mortgage regulation and sky high house prices.

Apart from price and mortgage qualification another hurdle is down payment for generation Y – according to a National survey conducted by Royal LePage. Only 27% will arrange their down payment from sale of their existing property whereas majority (2/3) will have to cash their RRSP, savings and seek out gifts to arrange the down payment.

Despite of the fact that people are finding it difficult to become a homeowner – they still think that housing is a worthwhile investment – the survey indicated.

The young buyers who are going to buy their first home are facing challenges posed by the new mortgage regulation.

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What we can learn from this survey that there is a large number of willing buyers who will eventually overcome all the challenges and become a homeowner. There is no shortage of demand – just getting a bit delayed due to various adverse conditions.

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