If you are looking to buy your first home but worry that your down payment isn’t enough, you aren’t alone. In a recent survey by Royal LePage and Sagen, 62 per cent of first-time homebuyers who purchased over the past two years said they were worried their down payment wouldn’t be enough to get the home they wanted, reflecting a five point increase since the survey was issued in 2019. This statistic soared in Canada’s two most expensive cities. Seventy-five per cent of first-time homebuyers in Toronto and 69 per cent in Vancouver said that they worried their down payment would not be enough. In Montreal, 63% of survey respondents reported feeling worried about the size of their down payment before purchasing their first home.
For most Canadians, buying a home is the largest transaction that they will make in their lifetime. Working with a real estate professional that understands the market can help take some of the stress away by showing you comparable neighbourhoods that are less competitive, and going through your list of must-haves and where you would be willing to compromise. Real estate professionals can let you know about current successful buying strategies and what you can negotiate, even in a hot market. Click here to read the full article.
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