Going through the homebuying process for the first time can be intimidating. There are many steps, a lot of paperwork, lawyers get involved, and you’re making deals with hundreds of thousands of dollars.
When it comes to buying your first home, there are many hurdles to leap. The high prices in the Greater Toronto Area (GTA) add to the intimidation factor if you’ve never gone through the homebuying process before.
It’s getting a whole lot pricier to get a mortgage in Canada – with the economy back on track and household debt on the rise, policy makers have been tightening the interest rate reins at the fastest pace in a decade.
According to a recent survey conducted by Ipsos for the Royal Bank of Canada (RBC), 32% of Canadians are likely to buy a home within the next two years. This percentage is 7 points higher than last year and the increase is thanks to millennials.
The Bank for International Settlements (BIS), a Switzerland-based research and advisory organization comprised of the 60 central member banks that own it, has flagged Canada for a banking crisis in its latest quarterly review.