It’s a big step but so very exciting. You’ve saved for months for a down payment, scoured the listings and shopped for the best interest rate. The thrill of touring through one striking show home after another is matched only by the surprise of the striking asking price. But then it happens. You find the ideal place at the right price. The offer’s accepted and the relief and delight gives way to celebration. There’s nothing like the joy of starting a new life in your own home.

First-time Buyers

Why buy?

Two out of three Canadian families own a home – that’s one of the highest rates of home ownership in the world. And for good reason.

It’s a great investment. And with with increasing house prices, it’s all the more important for first-time buyers to get a foot on the first rung of the property ladder.

Did you know that…

• Homeownership is the single largest source of savings for Canadian households.
• Unlike other investments, which can be quite volatile, the increase in the value of homes is relatively steady. The average house price in Canada has increased every year since 1998.
• The return on your investment in your home can be substantial. In 2004, the average house price in Canada rose to a record $227,210 – a 9% increase in just one year and a 27% increase over four years.
• Homeowners can use the equity in their homes as security for other loans.
• Building equity in your first home is the first step on the property ladder. It gets you into the market, keeps you in touch with increasing house prices, and puts you in a good position to trade up to bigger and better houses as your circumstances allow.

Want to know more about the first-time homebuyers market? Contact the Chris Pennycook Team.