Predictions of a collapse in Ontario’s housing market have persisted for over two decades. While such a cataclysmic event has not come to pass, it has become very apparent that high prices are now a significant barrier to entering the ranks of homeownership. There are many factors that have helped create the current situation, but a major one has been a rate of home price growth that is out of sync with wage growth (wages increased 60.27% from 2000 to 2018, but the average cost of a home went up 350%). This current imbalance is expected to continue - if new government policies are not enacted to make the purchase of a home easier. Read the article below for a more detailed discussion of the topic:
Wages vs Home Prices - 2005 to 2021
Our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:- How do I get my down payment?
- Can I use my RRSP for my down payment?
- How can I make the profits from my pre-construction purchases tax-free?
- What type of home or mortgage can I afford?
- Which incentives are available for first-time buyers?
- What is a PDI?
- What are the pros & cons of buying or selling an assignment before closing?
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