First Time Buyers Seek Financial Help From Loved Ones But Still Lack Assurance
As fate would have it, one fifth of first time buyers choose to seek refuge with their loved ones concerning the down payments of their homes since the Canadian real estate market turned out to pretty bad these year.
It was noted by surveyors from a federal housing agency that one out of five first time buyers were able to purchase a home and were aided financially.
The Canadian mortgage and housing corporation conducted a survey on 3,002 consumers specifying how first time buyers are capable of making down payments as part of their year to year mortgage consumer survey.
However, first time buyers who acquired financial help from their loved ones are thoroughly nervous about their debt rate and finances. These buyers will definitely find it hard to settle their mortgages.
It is also very likely that these first time buyers will find it difficult yet again to settle themselves financially if another problem pops up because then, they will attempt to ask for help from other sources other than their parents who have already helped and these other sources are more likely to refuse their request.
Nevertheless, these first time buyers are not to be blamed for their actions or their emotional state of mind since the real estate market last year made things very tough for the buyers who hadn’t found a way around the measures taken by the government to curtail market prices.
To ensure that the market was under control, the government introduced very strict mortgage regulations which implied that consumers are to go through some kind of stress test to determine if they are capable enough to repay their loan if slight changes like interest rates occurs.
Other first-time buyers who were not so fortunate to receive help from family members or their parents resorted to other options such as renting, moving to other affordable markets, moving in with friends, or family, or making down payments with a friend or family. Some who could not make use of these alternatives decided to hold on to buying a home until they are able to save enough to make down payments.
