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CMHC’s latest survey

Mon, 20 Jan by Pauline Relkey

The 2019 findings are in.

Canadians across the country were asked about their thoughts, attitudes and behaviours about and the process of buying a home in the annual Mortgage Consumer Survey and this is what they said.

Affordability continues to be the most important factor when it comes to buying a home.

One of the biggest stories of 2019 was the dramatic decrease in the number of home buyers who spent the maximum amount they could afford. The cost of becoming a homeowner is at the top of Canadians’ “must-haves”:

Price/affordability (80%)
Number of rooms (73%)
Proximity to public transit (67%)

The majority of Canadians are aware of the mortgage qualification rules (“stress test”). In fact, 65% of buyers said they believe the new mortgage qualification “stress test” will keep more Canadians from taking on a mortgage they can’t afford.

Despite debt levels, consumer optimism is on the rise.
Nearly one third of home buyers don’t expect interest rates to rise in the next year – up from just 20% in 2018. More than 8 out of 10 home buyers also feel confident that buying a home is a sound long-term investment.

The majority of home buyers have a positive attitude towards the idea of buying a home. Close to 9 out of 10 buyers were “happy” or “excited” about buying a home. However, more than one third also said that buying a home made them feel “stressed.”

Most home buyers are satisfied with their experience with their lender or mortgage broker.

The top reason for selecting a lender or broker is the interest rate offered. Despite high satisfaction levels, only less than half of home buyers received a follow-up call from their mortgage professional.  Hmmm a lesson to be learned. Always stay in touch with clients!

First Time Home Buyer Incentive Program

Mon, 20 Jan by Pauline Relkey

Have you heard about this program that just started in September 2019?

First time home buyers who have 5% down payment can apply for this program and get another 5 or 10% as a shared equity mortgage. Existing homes = 5% and newly constructed home = 5 or 10%.

This helps first time home buyers to reduce their monthly mortgage payment without increasing the amount that they must save for a down payment. No on-going repayments are required, this incentive is not interest bearing and you can repay the incentive any time without a penalty. This shared equity mortgage means that the federal government shares in both the upside and downside of the property value.

Your total income must be $120,000 per year or less. The property must be located in Canada and suitable and available for full time year round occupancy.

The homeowner repays the incentive amount after 25 years or when the property is sold, whichever is earlier. The property value determines what you get and what you pay back. Example if you are buying a $300,000 resale property and have your 5% down payment of $15,000 and you qualify for this incentive, you can get another $15,000 from the federal government to put towards your purchase. When you go to repay this amount, it will be based on the value of your property at that time, either in 25 years or earlier if you are selling the property. If the property is then worth $350,000 you will pay back 5% of the amount ($17,500). If the value is down and the property is worth $250,000 you will pay back 5% ($12,500).

There are qualifying factors to this program. Give me a call if you or someone you know could take advantage of this program.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Association of Saskatchewan REALTORS®.

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