This young couple thought they were ready to buy a home until they discovered this.
When my parents immigrated to Canada, they bought a home with a separate unit on the second floor. Needless to say, money was tight and the rental income was very important. At our office in Hamilton, we have seen a lot of changes in the past 25 years. With mortgage rates at historic lows and values increasing, we are once again seeing our youth get creative with the rental aspect of their home.
34% of first time homebuyers are generating income from their home
13% are in renovations to add a rental component
20% plan on renting part of their home
This does not surprise us actually as incomes have not increased at the same rate as home prices.
Our aging population have enjoyed the fruits of the growth of the equity in their homes but unfortunately our youth have been left behind in the dust. Others are clinging to their jobs and delaying their retirement making positions less available for our job-seeking youth. Secure jobs with secure pensions are a rarity nowadays.
Parents be warned!
Book a free consultation with Robert to discuss and plan for your and your children’s future needs. Robert can be contacted at 651 Fennell Ave E in Hamilton on the East Mountain or call at 905-574-9200 Ext. 215.