For-sale signs are up and house hunters are out in full force. Many are first-time home buyers, a group that accounts for about half of all house purchases – more than 250,000 – in Canada in the last two years.
The desire to own a home is strong in Ontario. A recent poll, conducted by Ipsos Reid for the Ontario Real Estate Association, found that 70 per cent of renters in the province would like to buy a home. However, according to the same survey, 81 per cent of Ontario residents believe purchasing a home is more difficult now than it was for their parents.
“A home is, for many, the single largest purchase ever made,” says Al Suraci, CEO for Northern Credit Union. “For first-time home buyers in particular, this can be daunting in terms of understanding expenses beyond the down payment and mortgage. Our goal is to provide financial advice and education that allows consumers to make more informed decisions.”
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