- $77,342 average house
- $41,348 median couple’s income
- 25% down payment
- 12.74% five-year fixed rate
- 25-year amortization
- $372,700 average house
- $77,198 median couple’s income
- 5% down payment
- 3.69% five-year fixed rate
- 30-year amortization
- "Regardless of how you slice and dice it, it is harder for many young people to afford a home today, as OREA’s survey suggests. That’s true despite drastically lower interest rates, smaller down payments, and longer amortizations."
Noting that 54% of Ontario renters cited affordability as a key reason for not owning a home and 70% surveyed indicated they would be more willing to consider owning if the government offered more tax breaks and incentives to offset costs for first time buyers, the OREA plays the desperation card:
- "We have an obligation to protect the affordability of home ownership for future generations. From its impact on job creation to the healthy and stable environment it provides for raising a family, home ownership matters to people, communities and Ontario."
Click 'comments' below to contribute to this post.