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"It won't happen in our lifetime": First-time homebuyers share the fight against homebuying

She said 39-year-old Jennifer Charbonault was more discouraged than ever as the average price of Canadian homes rose astronomically.

"The fact that we ... can afford to pay a little less than $ 2,000 a month, but aren't eligible for a loan that can pay a $ 1,000 a month mortgage, I'm she In a telephone interview Wednesday, he told "We realized that [owning a house] wouldn't happen in our lifetime."

Charbonault with her. Her husband said he was trying to buy his first home in Quebec for about 10 years. After she rented an apartment in Montreal, Charbonault moved to Laval in Que. She is currently renting a duplex in July 2020 with her husband and three children with her special needs.

Since April 2021, when Charbonault quit her job as a receptionist at a corporate law firm, finding a home for her family has been particularly difficult. She said she and her husband aren't currently doing a permanent job and she can't get approval for the loan. Both have lived from Peishek to Peishek without financial support from their relatives and have made little profit.

Charbonault said she and her husband had been approved for a mortgage that would allow them to buy a house at a price tag of up to $ 200,000 before losing her job. ..

"I don't need a marble countertop. I need a functional house with three bedrooms. I can't find anything in the price range," she said. ..

Families are still looking for homes for less than $ 350,000, but over the years they have noticed rising home prices in their area, making this goal even more unrealistic. Said Charbonault.

"Pesimism" among first-time homebuyers

She seems to feel the same with many other Canadians. According to a recent survey conducted by insurance and financial services company Canada Life, nearly 50% of respondents rentingexpect to do so indefinitely, or when they buy a house. I don't know what to do.

"There is some pessimism about being able to enter the housing market right now," Paul Orlando, executive vice president of personal customers at Canada Life, told in a telephone interview Thursday. rice field. “Current housing market challenges make it difficult for most lessees to understand how to move from renting to owning a home in five years.”

In addition.64% of respondentssaid that new homeowners cannot enter the housing market without financial support from others. Charbonault said he felt the same way, and among friends, the only waycould buy an apartment or house was with financial support from his parents who contributed to the downpayment. 28}

"All of them had that kind of economic advantage," she said. "Some of these friends ask,'Why don't you have a house?' I tell them that there are no moms and dads to help us, and they give us an interesting look like your parents are supposed to help you, but we I'm not in that position.

The reason for the many pessimisms expressed in these findings was due to high house prices, Mr. Orlando said. Nasma Ali is a Toronto-based real estate broker and founder of Remax Hallmark Realty's One Group Toronto Real Estate. For example, in certain parts of Ontario, local markets are chilling, but in others, residential real estate prices are still high, she says. As interest rates and inflation rise, this will increase the financial burden on homebuyers, especially those who are trying to buy a home for the first time, Ali said.

"The market is steroids, and people who usually fall on the roadside are the first buyers," she told in a telephone interview Wednesday. "First-time buyers will continue to lose multiple offers and are really disappointed."

First-time homebuyers are particularly discouraged, especially given the fact that they haven't entered the market yet. It is vulnerable and as a result lacks reliable fairness.

"If you already own it, it's not that important because you're selling it in the same market you're buying," she said. "But for buyers, they're just jumping in without fairness."

Rising interest rates also affect the affordability of homes, Ali said. Coupled with rising living costs, she said future homeowners are likely to be concerned about whether they can make money.

“Stepping into home ownership is a challenge for future homeowners,” says Orlando. "People are worried about personal financial pressure as they see prices of goods and services rise from inflation.

" For many Canadians, these prices are their own. Is rising faster than the income of. "

Hoping to find an" end game house "

Some future homeowners, such as Liam Keyring, will have a future. Some say they have hope. He and his girlfriend, 25, based in Cobourg, Ontario, have been looking for a detached house to buy over the last few years, he said.

Mr. Keeling said he found that housing in his area was more affordable due to the rate hikes imposed by the Bank of Canada over the past few months. Larger properties with more square footage are starting to fall within his budget of $ 400,000 to $ 550,000, and more homes are being sold for prices close to those listed. He said.

"You can buy more homes at the end of the game, not tread stone homes," Keeling told CTV in a telephone interview Tuesday.

But before that, he said he was in a situation where he could be as high as $ 70,000, even after submitting an offer that was already above the asking price. This was especially frustrating after he and his girlfriend realized they weren't eligible for Canada's first homebuyer incentive. According to Keeling, the house is listed at a price that fits within his budget.

"[We] are caught in the middle of rising interest rates, so we'll have to pay more for our monthly Home Loan Payments, but home prices are still expensive. "He said. "So you're also going to [more] prepay for your downpayment."

As a result, Mr. Keeling said he and his girlfriend would have the next rate hike in July. He said he would start an aggressive survey again in August or September to see how it would affect home prices. But he said he wants them to be able to buy a house before winter because they have already fixed their interest rates.

"[Currently] if you look at the same price range, you'll see a little better home in the last few months," he said. "Surely in the future, with interest rate hikes, better homes will be in our price range."

But Charbonault will soon improve his situation. He said he wasn't expecting to do it.

"I've been optimistic for 38 years in my life. We've been the same for the last year or so. That's exactly what it is," she says. I did. "If things move forward, get better, and get better, but ... in our lifetime, that won't happen."