Attention home owners! Do you have buyer’s remorse? You’re not alone!
In a study completed by Amy Reid of CIBC earlier this year, 81% of Millennials have buyer’s remorse with their new purchased home. The study found two-thirds of home owners the individuals not happy citing the cost of borrowing and associated costs with home ownership.
In Canada, home buyers have had the luxury of enjoying low borrowing costs for a spanning back to mid-2010 (check out the rate trends by clicking here). The consistently low rates have been very enticing to new hopeful home owners allowing for more affordable borrowing.
But is that still the case now?
The new mortgage rules that were implemented in October 2016 (and now upcoming in January 2018) were created with the intent of giving new home owners more confidence in the affordability with mortgages. With the introduction of the stress test and benchmark rate (click here to learn more), the new rules give new home owners the confidence to take on a mortgage with the understanding that they can still afford their home if the current market rate were to increase.
These rules have been a good addition to hopeful home owners to have more confidence in their purchase and they can rest assured they can continue to afford their home with any changes to the market rate.
Interested in learn more about the current mortgage trends and home ownership? Feel free to contact me. I’d be more than happy to connect you with one of the many mortgage specialists and brokers I work with to assist you as well as sit down and help you find that next perfect home for your family.