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Two Real Estate Stories in the News for Friday, April 27th, 2018

Jethro Seymour

My sales career started in 1994 with publishing and media sales...

My sales career started in 1994 with publishing and media sales...

Sep 26 2 minutes read

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.

Check here for more details. 

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.

Check here for more details.

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

Picture: Armando Arauz

Davisville Village Home Sales Statistics for March 2018

Leaside & Bennington Heights Home Sales Statistics for March 2018

Find out what your home is worth here!

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

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