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First-time buyers have 'lowered expectations' for finding dreamhome in Ontario

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Despite the growing real estate market in Ontario, first-time homebuyers are lowering their expectations when it comes to finding their dream home. The biggest hurdle? Coming up with the down payment.

The task is much more challenging since the federal government introduced the mortgage stress test, making it more difficult for first-time buyers to secure a mortgage.

Hamilton Realtor Phil Golfi is predicting that the upcoming spring market will be "transitional" due to speculation over potential rate decreases and a significant number of mortgage renewals.

“There’s a ton of speculation out there that our market’s going to take off again, and housing prices are going to rise rapidly again, which is very scary if you’re a first-time homebuyer that hasn’t bought anything and that’s waiting on the sidelines,” Golfi said.

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Category
U.S. & Canada
Tags
global news, First-time buyers, Dream home
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