March 29, 2022

March 29, 2022

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Why enticements for first-time buyers are failing .

An early promise of the federal government’s First-Time Home Buyers Incentive was the prospect of homeownership for a greater number of Canadians – a promise that turned out to be a broken one, by most accounts. In its recent summit, Mortgage Professionals Canada said that the equity-mortgage program was “simply failing.” “Most recent data shows that the First-Time Home Buyer Incentive program participation is less than one-third of the government’s stated initial goal,” said Veronica Love, vice chair of MPC. “Almost all clients dislike the idea of becoming a co-homeowner with the government, if they can avoid it. An insurable 30-year amortization can accomplish at least the same outcome as the first-time home buyer program promotes: reduced monthly payments for buyers, but without the complexity of two mortgages and increased legal costs to buy and sell the home.” The offering, which began in September 2019, is intended to fund 5% of the down payment for a first-time buyer’s purchase of an existing home, or 10% for a newly built residence..

Mounting home prices continue to make would-be homeowners hesitate, with a recent poll by Royal Bank of Canada indicating that purchase intentions over the next five years have dropped to just 23%. “While there is still a significant amount of activity in the market, our research indicates that the rush of Canadians looking to purchase a home over the last two years has subsided and we’re now starting to see a move back to pre-pandemic levels,” said Andrea Metrick, senior director of home equity financing, acquisition, and distribution at RBC. “Between rising costs and the competitiveness of the market, Canadians may now be taking a step back and setting aside more time to plan and save before making the jump into homeownership.” Sam Ansari, Mortgage Broker, Centum Liberty Mortgages Corp., 7191 Yonge Street, Suite 505, Thornhill ON L3T0C4.

Sam Ansari

Website: https://samansari.com

Centum Liberty Mortgages Corp. | Shahram(Sam) Ansari-Mahyari About UsCENTUM LIBERTY MORTGAGES CORP is one of Richmond Hill, , Ontario, ’s leading mortgage brokerage firms, offering seamless solutions to all your mortgage needs. Whether you want to buy a new home, set up a business or even refinance an existing loan or mortgage, we offer you the perfect solution to cater to your specific requirement. Customer Oriented Services At CENTUM LIBERTY MORTGAGES CORP, we put our customers first and strive to serve them better. Our ever-increasing clientele is a clear indication of our commitment and focus to serve them better. We help our customers pick the right mortgage solutions according to their need, and then personalize them to suit their individual requirements. Our aim is not only to provide the best service but also to establish a long-lasting relation with our customers. Highly Qualified and Experienced Mortgage Staff Our team at CENTUM LIBERTY MORTGAGES CORP comprises of some of the most dynamic and experienced personnel from the mortgage industry, having a thorough knowledge of the Calgary, area. We will provide all the necessary advice and guidance that you might require for your mortgage application, interest rate negotiation, or any other related procedure. We constantly work towards offering you the best solution in the most cost-effective manner. Efficiency through Flexibility The mortgage industry is extremely dynamic and volatile. Rates may change drastically in a matter of hours. CENTUM LIBERTY MORTGAGES CORP is quick to detect such changes and keeps its customers well informed and updated at all times. Our processes and systems are flexible and easily adapt to such fluctuations so that the customer is never at a loss. Industry Leading Products and Services We offer a wide array of products, tools and services that are designed specifically keeping the mortgage industry in mind. Our online tools and calculators take care of all the numbers and calculations involved, quickly and accurately. Centum Liberty Mortgages.