According to Napoleon Hill, “procrastination is the bad habit of putting off until the day after tomorrow what should have been done the day before yesterday”. But it’s not procrastination that’s delaying young Canadians from buying their first home. It’s money.
According to the 18th Annual RBC Home Ownership Study, “over half of young Canadians (55%) believe that it makes sense to delay a home purchase until next year, 10 points higher than the national average, and almost half (46%) of younger homeowners admit that their mortgage is using up too much of their income.”
43% of those between the ages of 18-34 intend to buy a home in the next two years, contrasted to the national average of 29%.
23% of younger Canadians say the major concern in home buying is having a large enough down payment. This is perhaps an indicator as to why they are not rushing into then market. They’re taking time to accumulate funds.
Besides money issues, in a more balanced housing market, younger and first time homebuyers are waiting to assess all of their options and do their research before buying a home.
The bulk of those young homebuyers, according to this survey, are looking online for real estate advice: 55% of those surveyed, in fact. They are also getting advice on real estate from family (48%) and friends (35%).
Stay up to date with what’s happening in Kitchener Waterloo estate here.
Filed under: advice, Buying Real Estate, canada by Keith Marshall
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According to the 18th Annual RBC Homeownership Study, Canadians believe in the long-term benefits of owning a home, including the value it can provide, both personally and as a long term investment. While last year’s (2010) survey showed that people were looking to buy ahead of rising costs, this year marks a return to more normal levels of purchase intentions. Recent housing data reflects this move to a more balanced market.
Interest in purchasing a home over the next two years has declined slightly but remains high overall, as 29% say it’s likely they will buy. This is down two points from 2010 yet higher than any other year since 2006.
Also in RBC Homeownership Study:
90% of homeowners are confident about real estate in Canada as an investment
85% feel that they are doing a good or excellent job of paying down their mortgage
73% believe that they or their family are well positioned to weather a housing drop
40% of Canadians feel the current housing market is balanced equally between buyers and sellers, a rise of five points over 2010.
26% of homebuyers list rising home prices as their number one concern about purchasing a home followed by rising mortgage rates (22%).
If you have real estate questions, you can chat with me live on my homepage or contact me by phone or email. Sign up for my newsletter.
Filed under: Buying Real Estate, canada, home owners, mortgage, real estate trends by Keith Marshall
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The Perimeter Institute is an unusual looking building. To me, it’s never looked finished. I think it looks best at night when the windows are lit up against the black building and the night sky. Maybe that’s the idea.
And now the addition makes the Perimeter Institute look like it crash-landed. Maybe that’s the idea. I don’t know.
But around the world, there are buildings that are way more unusual. My buddy Dave sent me an email that had these unusual buildings from around the world (some are in Canada).
Filed under: Around Kitchener Waterloo, canada, just for fun, real estate trends, uptown waterloo by Keith Marshall
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Mortgage insurance is insurance that protects the lender in the event of borrower default. This coverage is required for high ratio mortgages exceeding 80% of value. To avoid paying mortgage insurance, buyers must be able to pay at least 20% of the purchase price.
Three organizations currently offer mortgage insurance to approved lenders: Genworth Financial Canada, AIG United Guaranty Canada and Canada Mortgage and Housing Corporation. The mortgage insurance fee, a percentage of the mortgage amount, varies according to a graduated scale based on loan-to-value ratio: the higher the loan-to-value ratio, the higher the premium. Mortgage insurance is due on closing and can be paid either separately or added to the mortgage.
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Keith Marshall is a real estate agent with Prudential Grand Valley Realty, serving Kitchener, Waterloo and Cambridge. If you’re thinking of buying or selling your home, please give me a call. I aim to take the stress and mystery out of the home buying and selling process.
If you have real estate questions, you can chat with me live on my homepage or contact me by phone or email. Sign up for my newsletter.
Filed under: canada, real estate vocabualry by Keith Marshall
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According to the Globe and Mail, house prices in Canada have increased by almost 7% a year since 2000. Tight inventories over the past decade have helped drive prices higher across the country.
In the report, sales data from 18 major Canadian markets was examined. The annually compounded rate of return was found to be 6.82%. Kitchener Waterloo saw an average of 5.69%. Regina saw the largest percentage increase of 9.56% and London-St. Thomas saw the smallest at 4.82%.
Overall, the market has been skewed toward sellers for most of the last decade, except during 2008 and early 2009 when prices slumped a bit.
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Keith Marshall is a realtor with Prudential Grand Valley Realty, serving Kitchener, Waterloo and Cambridge. If you’re thinking of buying or selling your home, please give me a call. I aim to take the stress and mystery out of the home buying and selling process.
Filed under: Around Kitchener Waterloo, canada, editorial, general news, Industry, investing in real estate, real estate trends by Keith Marshall
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