Most Canadian Renters Want to Buy a Home
According to a study released this week by Altus Group Canada, 80% of Canadian renters under 50 would like to buy a home, so what’s holding them back? There’s a variety of reasons why those surveyed chose renting over homeownership: saving for a down payment, fears over qualifying for a mortgage or the belief that now is not the right time to buy.
If you’re one of those renters who feels unable to step into homeownership, here’s some insight into how possible it is for you to stop renting.
- If you’re still renting because you’re saving for a down payment, that’s great. Have you consulted a mortgage broker or financial planner in order to see if you are going about your savings plan the best way? Perhaps there are some avenues to get your down payment quicker than you’ve considered on your own.
- If you’re afraid you won’t qualify for a mortgage, have you spoken to a mortgage professional yet? There are lots of options available to get people into homeownership, and it’s a lot easier than you may think. Understanding your credit score is a good first step, but a mortgage professional can at least let you know what your options are, and fear of pre-qualification.
- Not only did some respondents to this survey not believe now was a right time to buy, 14% believe it’s not a good time because of the economy. While that may be true elsewhere in Canada, that is certainly not the case in Calgary. Our city has been outperforming in real estate, jobs and the economy for several months now. And CREB (Calgary Real Estate Board) recently reported that inventory is increasing which is giving a lot more options to Calgary home buyers in the coming weeks and months.
If you have any questions about moving from renting into homeownership, feel free to contact me anytime, or you can always find me on Twitter.
