Mortgage restrictions are turning first-time homebuyers into renters, and the increase in rental demand is resulting in higher costs, according to an article from Canadian Mortgage Trends.
Whether housing trouble or spotty credit histories are the result of tough economic times, poor financial decisions don’t automatically relegate the delinquent borrower to a lifetime of rentals and apartments.
Whether you prefer getting away by heading to a cabin on a lake, or you’d rather leave monotony by staying in a condo in the heart of one of the chicest cities, it’s likely you relish your time spent on vacation.
So you decided it’s time to ditch your too-small rental and start saving up to buy a place of your own.
Toronto’s housing market remained strong in 2011 as prices increased, condo construction skyrocketed and demand remained stable, but the commercial real estate market didn’t enjoy nearly the same success.
Rising residential and condominium home prices have forced some Vancouver residents to consider renting instead of buying, and housing developers have designed some units specifically for young citizens on a budget.