{"id":6816,"date":"2017-08-30T10:10:54","date_gmt":"2017-08-30T17:10:54","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6816"},"modified":"2017-08-28T07:21:33","modified_gmt":"2017-08-28T14:21:33","slug":"millennials-believe-the-mortgage-regulations-have-impacted-affordability","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/08\/millennials-believe-the-mortgage-regulations-have-impacted-affordability\/","title":{"rendered":"Millennials Believe The Mortgage Regulations Have Impacted Affordability"},"content":{"rendered":"<p style=\"text-align: justify;\">Last year\u2019s mortgage rule changes are clearly impeding young buyers from breaking into the housing market, according to one veteran, but there is an even larger obstacle in the way.<\/p>\n<p style=\"text-align: justify;\">\u201cOne of the things that came out of the report was millennials impression that the government\u2019s actions relating to restrictive actions to mortgage insurance was an impendent,\u201d Phil Soper, president of Royal LePage, said. \u201cYet, I\u2019d say a larger impediment was 20% year-over-year price appreciation.\u201d<\/p>\n<p style=\"text-align: justify;\">According to Royal LePage\u2019s most recent report, 49% of peak millennials believe the federal government\u2019s mortgage regulations have impacted affordability.<\/p>\n<p style=\"text-align: justify;\">As a result, they have been forced to consider lower-priced homes.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen looking for a home, 53% of peak millennial purchasers across Canada are willing to spend up to $350,000, which would typically buy them a 2.5 bedroom, 1.5 bathroom property nationwide, with 1,272 square feet of living space,\u201d the report reads. \u201cYet, with 58% of respondents having a annual household income of less than $69,000, and only 34% currently tracking to have a sufficient down payment of over 20 % to qualify for a mortgage in this price range, the actual logistics of homeownership can be quite difficult.\u201d<\/p>\n<p style=\"text-align: justify;\">The study also found 61% of millennials prefer to buy a detached home but only 36% believe that wish is realistic.<\/p>\n<p style=\"text-align: justify;\">\u201cIn addition to high home values, peak millennials also face increasingly stringent mortgage stress test regulations, which push potential buyers to the sidelines, electing to either remain in the rental market to save up enough money for a down payment, or move to more affordable regions,\u201d the report reads.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen asked, 64% of peak millennials currently believe that homes in their area are unaffordable, with a significant proportion of respondents in both British Columbia (83%) and Ontario (72%) asserting that prices are simply too high. Of those that do not believe they will be able to own a home in the next five years, 69% stated that they cannot afford a home in their region or the type of home they want, while roughly a quarter (24%) are unable to qualify for a mortgage.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/mortgage-rules-a-major-roadblock-230012.aspx\" target=\"_blank\" rel=\"noopener\">Mortgage Rules A Major Roadblock<\/a> by Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last year\u2019s mortgage rule changes are clearly impeding young buyers from breaking into the housing market, according to one veteran, but there is an even larger obstacle in the way. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/08\/millennials-believe-the-mortgage-regulations-have-impacted-affordability\/\">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-6816","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>Millennials Believe The Mortgage Regulations Have Impacted Affordability &#8226; 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