From broom closet to detached home: What millennials can afford across Canada

Millennials are finally thinking about settling down and buying a home. Many, though, are running up against the new mortgage rules that kicked in on Jan. 1.

The rules, essentially, require even borrowers who can afford a 20 per cent down payment on a house to show that they would be able to keep up with their bills if their mortgage rate rose by two percentage points.

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From a Studio Apartment to a Large Detached Home: What the Average Peak Millennial Can Afford Across Canada

According to Royal LePage, Canada's leading real estate services provider, peak millennials are seeing significant disparities in the properties they can afford in the country's largest cities. With a median salary of $38,148, this generation typically has a maximum home buying budget of $203,246. This factors in a 20 per cent down payment, and the impact of OSFI's new stress test, which has reduced the average peak millennial's purchasing power by approximately 16.5 per cent, or $40,103. However, given that the aggregate Canadian home value currently rests at $605,512, many must either bide their time or look for creative solutions to finance a home purchase.

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Jethro Seymour, one of the Top Midtown Toronto Real Estate Brokers, provides you with Canadian real estate news headlines ( April 27th 2018 )

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Jethro Seymour, Toronto Real Estate Broker.  Search Toronto's live MLS listing here.