A step-by-step guide for millennials trying to get into the housing market (yes, it's possible)
Home ownership. Two words that many millennials have been told are out of their reach. Mortgage rules designed to protect Canadians from becoming house poor make the process seem both expensive and overwhelming . But there is hope: 39% of adults aged 18–34 say they plan to purchase a property within the next two years—that’s more than other age groups.
Step 2: Determine a mortgage plan The next step is figuring out what exactly are you saving for, and how much you need to save. While the minimum down payment required in Canada on a property under $500,000 is 5%, those buyers are required to pay a mortgage insurance fee to the Canadian Housing and Mortgage Corporation , since the down payment is less than 20 per cent of the purchase price.
If you don’t have a trusted real estate representative in your contact list, don’t fret! The Real Estate Council of Ontario exists to provide first-time buyers with tools and information to aid your search. Every real estate representative, broker and brokerage must be registered with RECO, which upholds the rules and code of ethics they must follow.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Unconscionable’: Why an online directory of rehab facilities doubled as a recipe book for drugs like GHB, crack, and methAddiction Resource published guides on how to make or buy drugs, likely to find and funnel more patients to its treatment partners, experts say.
Read more »
Jia Tolentino Explains It All'We’re in an age where everything is shifting,' The newyorker's jiatolentino told ELLE. 'There has to be writing that is flexible enough to accommodate all these things existing, often at once.” Read more from our September issue:
Read more »
How one millennial managed to save almost $1 million in 10 years without ever earning a salary of more than $75,000Some say the financial path in this chart is unrealistic... check it out for yourself WednesdayWisdom
Read more »
The 25 best places to buy a vacation home in the US, rankedIt's a battle between the Great Smoky Mountains and Florida's beaches for the best places to buy a vacation home, according to a recent Vacasa report.
Read more »
Spooked by protests, Hong Kong citizens buy Malaysian homesHong Kong citizens have snapped up about 200 apartments in the past two months a...
Read more »
Lightning strike caused power cuts in Britain: grid operatorA blackout in Britain which left one million homes without power on Aug. 9 was t...
Read more »