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Your new home—to buy or not to buy?

Posted on: 11/8/2017 3:37 AM | Author: Staff

It used to be that buying a home was a right of passage. You married, bought a house and started a family, usually (but not always) in that order. Times have changed. Today many people, especially millennials, are delaying or completely forgoing homeownership and are renting instead. But why?

Some​ ​believe​ ​they​ ​can’t​ ​afford​ ​to​ ​buy​ ​a​ ​home

Many millennials feel homeownership is important, but are pessimistic about their ability to afford it. They struggle with high unemployment, student debt and stagnant wages. Not to mention housing prices in Canada are at a record high. Often these people feel renting or living with their parents are their only options.

The good news is they’re not—homeownership is never entirely out of reach. There are creative way to make it happen, like buying and becoming a landlord, finding friends or relatives to partner with on mortgages or looking at non-traditional housing, such as manufactured homes. Never say never.

Some​ ​simply​ ​don’t​ ​want​ ​to​ ​buy​ ​a​ ​home

Some millennials prioritize experiences over goods and connectivity over property, and so the concept of homeownership runs counter to their goals. If you're not building equity in a home, however, it’s important to create a financial plan that will build equity in other ways. Invest early and often, so you have financial security when you need it.

We’re​ ​listening—and​ ​whatever​ ​you​ ​decide,​ ​we​ ​can​ ​help

If you want to buy, we can help you choose the right mortgage. Check out our No Bull Mortgages or connect with one of our mortgage experts at 1-800-332-8383.

Not interested in homeownership? Start building the equity you need by connecting with an investment advisor at 1-800-332-8383.

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