NEWS RELEASE
ROYAL LEPAGE QUEST REALTY
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As housing prices in Canada continue to rise, the dream of owning a home feels increasingly out of reach for many first-time buyers.
In recent years, a combination of high demand, low inventory, and increasing costs has created one of the most challenging real estate markets in Canadian history. And while interest rate adjustments are often seen as a solution, simply lowering interest rates isn’t making homeownership more accessible for newcomers to the market.
In fact, lower interest rates can stimulate buyer demand, further driving up home prices and making homeownership even more unattainable.
This phenomenon puts first-time buyers in a double bind: As the demand increases, so do home prices, pushing homeownership further out of reach despite what might appear to be more favourable financing options.
This cycle has left many young people feeling that homeownership is an unattainable goal, something that should be shocking in a first-world country like Canada.
As of March 2024, Canada’s federal First-Time Home Buyers Incentive program was discontinued, removing one of the few support options first-time buyers had.
This program offered eligible buyers an incentive that helped to bridge the affordability gap. Without this aid, many new buyers now feel they are left to navigate the complex home-buying process on their own — often without a full understanding of the options and financial strategies available.
The impact on younger Canadians has been profound. More people are resigning themselves to renting indefinitely, unable to imagine a future where they own a home.
But all hope is not lost. Our free, absolutely no-obligation seminar, First Home Buyer — Options, is here to provide clarity, guidance, and positivity amid the challenging conditions facing first-time home buyers.
At Royal LePage Quest Realty, we understand that the housing market is a complicated landscape. Through our free seminar, led by Doug Sexsmith and Darlene Elder, with guest speakers Craig Brunsdon (The Mortgage Coach) and Erin Murray (White Oak Law), we aim to show first-time buyers that while the price of homes may continue to rise, there are still pathways to homeownership.
There are creative and alternative solutions that can make the process smoother and more manageable. For example, strategies around budgeting, exploring alternative financing, and leveraging professional guidance are all ways that can make the dream of owning a home more attainable.
Despite market conditions, we believe there is still reason to hope. The path to homeownership may look different than it did in past generations, but with the right guidance and strategies, it is still achievable.
The seminar will be held on Thursday, Nov. 21, 2024, from 6:30 p.m. to 8:30 p.m. at Creative Nomad Studios in Orillia, where we will explore practical steps and provide expert insight into the modern real estate market. We are here to listen, advise, and ultimately empower Canada’s first-time buyers to take those important steps toward homeownership.
While the price of homes may continue to climb, hope does not have to disappear. We invite all first-time home buyers to join us and take this crucial step toward achieving the dream of homeownership in Canada.
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