Being a first time home buyer has not been easy this last few years. Multiple offers, stricter mortgage qualification rules and three interest rates hikes have many thinking that they may never get that first home.
However a survey from RateHub.ca shows that people aren’t giving up on their dream just yet.
- 71% of non home owners plan on purchasing a home in the future
- 59% want to do so in the next two years
Report Breakdown & Statistics
The following are the hurdles potential home buyers listed
- 44 % – Insufficient Down Payment
- 17% – Housing Market Uncertainty
- 12% – Household Income
- 6% – Low Credit Score
What Does The Future Hold?
- 68% believe mortgage rates will increase in 2019
- 58% think home prices will follow suit
What Do The Baks Say?
BMO senior economist Robert Kavcic offered the following comments:
“Recall that in [September], the median price gain across the 26 markets tracked was just under 3 percent year-over-year, confirming the relative home price stability across most of the country,”