CANADIAN MORTGAGE TRENDS -- Many aspiring homeowners simply can’t save up money fast enough for their down payment
First published in Canadian Mortgage Trends The ongoing surge in home prices across the country is discouraging a large number of young non-homeowners, many of whom say they’re giving up on the dream of homeownership altogether. More than a third (36%) of non-homeowners under 40 believe they will never own a home, while 62% of Canadians believe a majority of people are being priced out of owning a home for the next decade, according to a recent poll from RBC. “ The road to homeownership isn’t always easy, and the last year has created both challenges and opportunities for homebuyers ,” said Amit Sahasrabudhe, Vice-President of Home Equity Financing, Products and Acquisitions at RBC. The problem is that despite best efforts to save for a down payment, hopeful buyers simply can’t keep pace with today’s price gains. In March, the average home price was up more than $172,000 compared to a year earlier. That’s a 25% annual gain, worki...