{"id":4404,"date":"2016-12-26T15:15:13","date_gmt":"2016-12-26T23:15:13","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4404"},"modified":"2017-01-20T13:59:58","modified_gmt":"2017-01-20T21:59:58","slug":"as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/12\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\/","title":{"rendered":"As Home Prices Soar, Some First Time Buyers Reconsider Home Ownership Dreams"},"content":{"rendered":"<p style=\"text-align: justify;\">Earlier this year, Meghan Morrison and her fiance made the difficult decision to add two hours of commuting onto their day in order to pursue their dream of owning a house.<\/p>\n<p style=\"text-align: justify;\">The couple could have purchased a condo in the Toronto area, where they both work, but Morrison says they wanted more space to be able to engage in their hobbies and, eventually, start a family.<\/p>\n<p style=\"text-align: justify;\">&#8220;We looked at new builds in Toronto and it&#8217;s just like, oh my gosh, $400,000 for 600 square feet,&#8221; says Morrison, 26.<\/p>\n<p style=\"text-align: justify;\">In January, the couple will be moving into their newly purchased, two-storey brick home in Barrie, Ont., complete with a two-car garage and a large, fenced-in yard for their French bulldog to play in.<\/p>\n<p style=\"text-align: justify;\">&#8220;It was a really tough decision,&#8221; Morrison says. &#8220;We struggled with it for a long time. But we just couldn&#8217;t see ourselves living in a condo forever.&#8221;<\/p>\n<p style=\"text-align: justify;\">With home prices in Toronto, Vancouver and their surrounding areas soaring increasingly out of reach, many first-time buyers are being forced to either move out of the city or reconsider their home ownership dreams.<\/p>\n<p style=\"text-align: justify;\">But in oil-producing provinces such as Alberta, Saskatchewan and Newfoundland _ where the plummet in the price of crude has hampered economic growth _ the picture is starkly different.<\/p>\n<p style=\"text-align: justify;\">Phil Soper, president of Royal LePage, says sales volumes are down about 20% in Alberta from their long-term average.<\/p>\n<p style=\"text-align: justify;\">&#8220;The regional disparities are as great as I&#8217;ve ever seen them,&#8221; Soper says.<\/p>\n<p style=\"text-align: justify;\">&#8220;Depending on your views, it was one of the toughest years in the housing market since the Great Recession, or it&#8217;s crazy overheated and the government should step in and do something about it.&#8221;<\/p>\n<p style=\"text-align: justify;\">CIBC deputy chief economist Benjamin Tal predicts softer markets in Toronto and Vancouver in the year ahead, as government changes _ including the 15 per cent tax on foreign buyers in Vancouver and federal mortgage rules changes _ are felt.<\/p>\n<p style=\"text-align: justify;\">Both the BC and Ontario governments have also announced efforts lately to help first-time buyers get into the market.<\/p>\n<p style=\"text-align: justify;\">The BC government launched a plan to offer loans to help first-time homebuyers get into the real estate market. The loans are interest-free and payment-free for the first five years.<\/p>\n<p style=\"text-align: justify;\">&#8220;Clearly 2016 has been, from a policy perspective, a very important year that will impact the trajectory of the housing market in the coming years,&#8221; Tal said.<\/p>\n<p style=\"text-align: justify;\">Soper says price growth is expected to slow in the Greater Toronto Area, and possibly reverse in Vancouver, but there could be a return to moderate growth in Alberta and other oil-producing regions.<\/p>\n<p style=\"text-align: justify;\">The new mortgage rules introduced by Ottawa in October, which require all insured mortgages to undergo a stress test, will likely cause some would-be buyers to keep renting instead, Tal said.<\/p>\n<p style=\"text-align: justify;\">&#8220;I do think that the rental market will be even tighter,&#8221; he said.<\/p>\n<p style=\"text-align: justify;\">That could spell trouble for people like Nicole Silver, a 23-year-old marketing and public relations professional in the Toronto area.<\/p>\n<p style=\"text-align: justify;\">After spending years living at home with her family to save money, Silver was ready to put down a $60,000 to $70,000 down payment on a condo this fall.<\/p>\n<p style=\"text-align: justify;\">But she soon discovered that even condo prices had climbed out of her reach.<\/p>\n<p style=\"text-align: justify;\">&#8220;If I had done this a little bit earlier, like a couple of months earlier, maybe it would have been better, &#8220;Silver says. &#8220;I feel like every month it&#8217;s getting worse and worse.&#8221;<\/p>\n<p style=\"text-align: justify;\">Although she&#8217;s still keeping an eye on the market, Silver says she&#8217;s more or less resigned herself to renting.<\/p>\n<p style=\"text-align: justify;\">&#8220;I don&#8217;t want to just be paying rent to live in someone else&#8217;s home,&#8221; she says. &#8220;I&#8217;m not very happy with that, but it&#8217;s just the reality.&#8221;<\/p>\n<p style=\"text-align: justify;\">Heather Rollwagen, assistant professor of sociology at Ryerson University, says home ownership is important to many Canadians because it&#8217;s culturally constructed as economic security.<\/p>\n<p style=\"text-align: justify;\">&#8220;I think people are kind of told that renting is irresponsible somehow,&#8221; Rollwagen says.<\/p>\n<p style=\"text-align: justify;\">However, buying a property is not necessarily more economically secure, Rollwagen says _ particularly for lower income earners who take on large debts and therefore become vulnerable to changes in interest rates.<\/p>\n<p style=\"text-align: justify;\">&#8220;I&#8217;m eager to see, over the next 10 or 15 years, how millennials&#8217; attitudes are going to drive changes in the value of home ownership, because they&#8217;re the ones that are really starting to opt out,&#8221; she says.<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams-218835.aspx\" target=\"_blank\">As Home Prices Soar, Some First Time Buyers Reconsider Home Ownership Dreams<\/a> by Alexandra Posadzki by The Canadian Press | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Earlier this year, Meghan Morrison and her fiance made the difficult decision to add two hours of commuting onto their day in order to pursue their dream of owning a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/12\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\/\">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":[13],"tags":[],"class_list":["post-4404","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>As Home Prices Soar, Some First Time Buyers Reconsider Home Ownership Dreams &#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\/2016\/12\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"As Home Prices Soar, Some First Time Buyers Reconsider Home Ownership Dreams &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Earlier this year, Meghan Morrison and her fiance made the difficult decision to add two hours of commuting onto their day in order to pursue their dream of owning a &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"As Home Prices Soar, Some First Time Buyers Reconsider Home Ownership Dreams\",\"datePublished\":\"2016-12-26T23:15:13+00:00\",\"dateModified\":\"2017-01-20T21:59:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\\\/\"},\"wordCount\":755,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\\\/\",\"name\":\"As Home Prices Soar, Some First Time Buyers Reconsider Home Ownership Dreams &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2016-12-26T23:15:13+00:00\",\"dateModified\":\"2017-01-20T21:59:58+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"As Home Prices Soar, Some First Time Buyers Reconsider Home Ownership Dreams\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"As Home Prices Soar, Some First Time Buyers Reconsider Home Ownership Dreams &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2016\/12\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\/","twitter_card":"summary_large_image","twitter_title":"As Home Prices Soar, Some First Time Buyers Reconsider Home Ownership Dreams &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Earlier this year, Meghan Morrison and her fiance made the difficult decision to add two hours of commuting onto their day in order to pursue their dream of owning a &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2016\/12\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/12\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"As Home Prices Soar, Some First Time Buyers Reconsider Home Ownership Dreams","datePublished":"2016-12-26T23:15:13+00:00","dateModified":"2017-01-20T21:59:58+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/12\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\/"},"wordCount":755,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Real Estate"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2016\/12\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2016\/12\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\/","url":"https:\/\/www.roryc.ca\/blog\/2016\/12\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\/","name":"As Home Prices Soar, Some First Time Buyers Reconsider Home Ownership Dreams &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2016-12-26T23:15:13+00:00","dateModified":"2017-01-20T21:59:58+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/12\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2016\/12\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2016\/12\/as-home-prices-soar-some-first-time-buyers-reconsider-home-ownership-dreams\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"As Home Prices Soar, Some First Time Buyers Reconsider Home Ownership Dreams"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/4404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=4404"}],"version-history":[{"count":2,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/4404\/revisions"}],"predecessor-version":[{"id":4693,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/4404\/revisions\/4693"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=4404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=4404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=4404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}