Many Millennials say they are interested in buying homes— but the cost is what is stopping them!   Millennials are juggling a bunch of fairly new expenses that previous generations didn’t have to take into account. Whether its student loan payments, or on-demand and subscription services like Uber, Netflix, gym memberships that have become part of everyday life.   Hardest Expenses to cut from budget in saving for a home Dining out Student Loan... [read more]

Millennials made up half of Canada’s first-time home buyers in 2018 The CMHC conducted the online survey in April of this year, getting feedback from 4,000 recent mortgage consumers who self-identified as the “prime household decision maker” and who had made a mortgage transaction in the past 12 months. Of those respondents, 68% renewed their mortgage, 15% refinanced one, 9% were first-time buyers and 7% were repeat buyers. Of those who were first-time buyers,... [read more]

A mortgage is a loan you get from a bank, credit union, or private lender to help you buy property like a house or condo This post will cover just about everything you need to know about mortgages from when to apply for one, how you pay the loan back, the deal with interest rates, the difference between fixed and variable rates, and how to work with mortgage brokers. When should I get pre-approved for a mortgage? It’s a smart move to get... [read more]

The federal government wants to make home ownership more affordable for young people and to do that it’s introducing the First-Time Home Buyer Incentive (FTHBI) this September. The $1.25 billion program, announced as part of the March federal budget, involves the government buying equity stakes in homes purchased by qualified home buyers, allowing for smaller mortgages that will keep monthly payments lower. But how will the plan work? Below, we break down all the key details... [read more]