In today’s recovering economy it's not surprising that RBC's Annual Home Ownership study found that young Canadian's today are postponing their home purchases, 55% of them, or 10 points higher than the national average, think that it makes sense to put off purchasing a home until next year. In the same respect those young Canadians who have stepped onto the property ladder admit that too much of their income is being used up by their mortgage. 

However when looking 2 years out Canadian's seem more optimistic, with 43% of young Canadians (aged 18-34) and 29% of older Canadians (aged 35-54) intending to buy a home in the next 2 years.

It seems that the biggest concern in home buying for younger Canadians, 23% according to the study, is having a large enough down payment. This concern along with the worry of being "house rich and cash poor" is likely the biggest barrier keeping young Canadians out of the real estate market. The availability of financial information and advice via the internet and the hardships experienced in the recession are driving Canadians to wait. They are educating themselves, assessing all of their options and saving for a down payment.

 The importance of the internet in real estate is highly evident, with 55% of those surveyed looking online for real estate advice. Second to the internet for advice were family (48%) and friends (35%).

Being prepared when entering the real estate market is essential, that means working with a knowledgeable mortgage specialist and finding a REALTOR® who you can both trust and rely upon to advocate for your needs.

For more information on your next home purchase or about the Barrie real estate market, please feel free to contact me. And be sure to pass this information along to family and friends who may find it useful.

Sincerely,

Peggy Hill

Broker of Record

Peggy Hill & Associates Realty

P: (705) 739-4455

F: (705) 503-4455