Consensus here at the office about what the number one question asked by first-time home buyers: How much do I need to save?
It is understood that with continually increasing housing prices and rather stagnated incomes it is becoming harder for people to save to buy their first home. The TD Bank notes three obstacle for home ownership: saving enough for a down payment, increasing housing prices, and insufficient salaries with higher rates of unemployment and underemployment. So how much should someone living in Montreal save weekly for a five year period to afford a 10% down payment on a home valued at $327 249: $126. This is compared to $281 in Vancouver and $192 in Toronto. Besides saving the necessary amount of money be sure to do a lot of research and find out all the programs available to first-time home buyers like the Home Ownership Plan and tax credits. If you would like to sit down with one of our real estate agents to discuss your plans or ask your questions please contact us and we would be glad to help.
These statistics were taken from the Globe and Mail Thursday April 25, 2013.