Date Posted: December 3, 2020
Millennials are currently making up just about 30% of Ottawa, this includes those born in 1981 to 1999. In the time of baby boomers buying their first homes, there were a higher percent of people buying their first homes who were married. Meaning, that first time home buyers used to go into buying their first homes with two incomes where as today, there are more single income people purchasing their first homes. Millennials are one of the most educated generation with almost 80% of millennials with university or college diplomas/degrees which averages out to a lot more debt than first time home buyers in the past.
If you were not looking to have to move back into a house with your parents, if possible, see if there is someone like your parents that may be willing to help you build your equity by helping out with your down payment. An option once your first home is purchased is to live with roommates if possible. Though it may be more difficult having to live with people, it is a way to quickly pay off your mortgage by receiving rent and being able to split the cost of utilities
If you are a millennial looking for more information on buying your first home, reach out to one of our Mortgage Brokers today!
For the full CTV article, click here.