You got your pre-approval, you picked out your first home at a builder’s sales centre, and now it’s time to get your mortgage. No big deal right? Think again. Depending on your financial situation and employment, it could be a challenge.
A group of British Columbia real estate organizations recently made recommendations to the leading federal parties to help address housing issues in the province, and there are a couple ideas that seem like they might work in the GTA too.
Through the stages of development of your pre-construction condo, perhaps the most crucial is the transition from interim occupancy to final closing. The most important of the moving pieces to have in place during this transition is your financing.
The Canadian Real Estate Association launched REALideas recently in anticipation of the federal election. One of the points they made is that mortgage lending needs to be updated to better serve those participating in the gig economy.
There will soon be a new way for first-time buyers to step onto the homeownership ladder, but it’s based in London, England. If there’s success there, perhaps we’ll see this type of homebuying make its way to Canada.