{"id":12575,"date":"2019-05-27T10:10:06","date_gmt":"2019-05-27T17:10:06","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12575"},"modified":"2019-05-13T16:35:53","modified_gmt":"2019-05-13T23:35:53","slug":"58-of-1st-time-homebuyers-expressed-their-prospects-of-buying-a-home-with-down-payment-challenges","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/58-of-1st-time-homebuyers-expressed-their-prospects-of-buying-a-home-with-down-payment-challenges\/","title":{"rendered":"58% of 1st-Time Homebuyers Expressed Their Prospects of Buying a Home with Down Payment Challenges"},"content":{"rendered":"<p style=\"text-align: justify;\">More than half of first-time homebuyers in Vancouver are concerned they will miss out on buying a property because of an insufficient down payment.<\/p>\n<p style=\"text-align: justify;\">According to the findings of a survey by mortgage insurer Genworth Canada, 58% of respondents in Vancouver expressed anxiety about their prospects of buying a home with down payment challenges.<\/p>\n<p style=\"text-align: justify;\">Across BC, 56% of respondents expressed the same type of concern about stretching their down payment to get the home they desired.<\/p>\n<p style=\"text-align: justify;\">Furthermore, the findings note that 27% of respondents in BC lived with family before buying a home, and 58% of those living at home paid rent to relatives. Of those paying rent to relatives, 45% paid below market rents.<\/p>\n<p style=\"text-align: justify;\">As well, 14% of those who lived at home before buying said that living at home delayed their parents\u2019 decision to downsize.<\/p>\n<p style=\"text-align: justify;\">\u201cEarly generational wealth transfer from downsizing Baby Boomers has given a financial boost to first-time home buyers,\u201d said Adil Dinani, real estate advisor with Royal LePage West, in a statement. \u201cDespite some softening in prices, first-time home buyers are optimistic about the long term health of the region\u2019s real estate market.\u201d<\/p>\n<p style=\"text-align: justify;\">Province-wide, 46% said they chose to buy a more expensive, smaller home close to their place of work, compared to 54% of respondents living in Vancouver.<\/p>\n<p style=\"text-align: justify;\">A majority of respondents in Toronto (59%) and Vancouver (54%) said close proximity to work was more important than the square footage of their home. Residents in both cities reported average one-way travel times both to\/from work of about 30 minutes.<\/p>\n<p style=\"text-align: justify;\">\u201cThere will always be an attraction to buy in the city centre. In Greater Vancouver, there are newly-developed urban amenities and transportation infrastructure that increase the desirability of homes outside the core,\u201d continued Dinani. \u201cThese high density hubs create opportunities for people who are new to the market; they can embrace urban living with more space and connection to transit.\u201d<\/p>\n<p style=\"text-align: justify;\">Interestingly, despite having far lower average home prices, 60% of survey respondents in Montreal were worried about their down payment \u2014 more worried than respondents in Vancouver. Home prices in Montreal have seen an uptick, with some investment activity previously seen in Vancouver and Toronto markets transitioning to Quebec.<\/p>\n<p style=\"text-align: justify;\">Toronto had the most anxiety of Canada\u2019s major cities, as 68% of respondents said they felt this way about the prospect of purchasing a home with down payment challenges.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile interest rates remain historically low, it is not surprising that first-time home buyers in Montreal are increasingly concerned about their down payment,\u201d said Phil Soper, president and chief executive officer, Royal LePage. \u201cMontrealers have been watching home values escalate over the past three years. Many are wondering if they have time to grow their down payment or if they should get in the market now as prices continue to rise.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/dailyhive.com\/vancouver\/vancouver-homebuyers-down-payment-report-2019\" target=\"_blank\" rel=\"noopener noreferrer\">Most First-Time Homebuyers in Vancouver Worried About Insufficient Down Payment<\/a> by Kenneth Chan | Daily Hive<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than half of first-time homebuyers in Vancouver are concerned they will miss out on buying a property because of an insufficient down payment. According to the findings of a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/58-of-1st-time-homebuyers-expressed-their-prospects-of-buying-a-home-with-down-payment-challenges\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-12575","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>58% of 1st-Time Homebuyers Expressed Their Prospects of Buying a Home with Down Payment Challenges &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/58-of-1st-time-homebuyers-expressed-their-prospects-of-buying-a-home-with-down-payment-challenges\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"58% of 1st-Time Homebuyers Expressed Their Prospects of Buying a Home with Down Payment Challenges &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"More than half of first-time homebuyers in Vancouver are concerned they will miss out on buying a property because of an insufficient down payment. 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