First Time Homebuyers: Still A Joy

After one year of a depressing real estate market with lower home prices and higher mortgage rates, it still is possible for first time homebuyers to enter the home market.

It is said that the new generation lacks the work ethic that our parents had. This may be true. However, I am fortunate enough to have worked with two couples this month who made me feel our future may not be that bad.

The one story ironically starts many years ago w When a young man immigrated to Canada from Europe. His dream was to work hard, start a family, and leave a legacy. As we sat down at his kitchen table, the parents must have been proud to see their daughter turn the next chapter in her life. The dad had worked over 40 years in the construction and flooring industry. The philosophy of long ours sure rubbed off as his daughter became a nurse, and their son earned his PhD in science. I could only imagine how proud the parents must have been.

As I sat down with the daughter and her new husband, my faith in the kids only grew. Like most kids today, they lived at the parents home, but they put together an amazing financial plan. The kids saved their own down payment, their credit scores were excellent, and they lived thrifty to secure their plans. It should be mentioned that the husband wakes up at 4 AM every morning and the wife at 5 AM to work in Toronto. How could I not be impressed. The kids had greater character Like their parents.

In summary, it is still possible to have homeownership dreams. Given my long history in the mortgage industry, it is my opinion given today’s market it is harder for the new generation. The kids have lower wages, higher home prices, and higher mortgage interest rates. It’s hard but still possible.