Despite high interest rates, savvy Canadians are finding innovative ways to capitalize on buyer’s markets that have emerged nationwide. Below are Homebuying Strategies that enable homebuyers to navigate the Canadian Real Estate landscape amidst challenging financial conditions.
Homebuying Strategies – Boosting Down Payments
Many Canadians are leveraging family support to bolster their down payments. According to the 2024 Canada Housing Market report by Zolo, 68% of homebuyers used family funds to enhance their down payments. This approach allows buyers to secure more favorable mortgage terms and increase their purchasing power.
Homebuying Strategies – Co-Ownership Trends
The report also reveals a significant rise in multi-family households, with 35% of Canadians opting to purchase property with family or friends. Co-ownership enables individuals to pool resources and access markets that may otherwise be unattainable. By sharing the financial burden, buyers can achieve homeownership while mitigating risks.
Homeownership Strategies – Utilizing Mortgage Brokers
In 2023, 38% of homebuyers utilized mortgage brokers to secure financing. Mortgage Brokers play a crucial role in lowering borrowing costs by negotiating competitive interest rates. Angela Calla, a mortgage expert, emphasizes the importance of seeking unbiased advice tailored to individual needs. Even marginal reductions in interest rates yield substantial savings over the life of a mortgage. At Client First Mortgage Solutions, we are here to answer all of your mortgage questions. Contact us today!
Navigating the Canadian Real Estate market amidst high interest rates requires innovative strategies. By optimizing down payments, exploring co-ownership opportunities, and partnering with a mortgage broker, buyers can overcome financial hurdles and achieve their homeownership goals.
Original Article – April 15, 2024 – Zolo
