{"id":3704,"date":"2017-07-07T15:26:15","date_gmt":"2017-07-07T19:26:15","guid":{"rendered":"https:\/\/viacapitaledumontroyal.com\/?p=3704\/"},"modified":"2019-08-27T14:37:07","modified_gmt":"2019-08-27T18:37:07","slug":"buying-before-age-30","status":"publish","type":"post","link":"https:\/\/viacapitaledumontroyal.com\/en\/buying-before-age-30\/","title":{"rendered":"Buying Before Age 30"},"content":{"rendered":"

\"AcheterThe tightening of mortgage rules, announced by the Federal Government last fall, caused quite a stir and has raised a lot of concern. For buyers, generally speaking, this means that they must either save a bit more or set their sights on a more affordable home.<\/span><\/p>\n

But let’s take a closer look at the impact on buyers under the age of 30. Burdened by the reimbursement of student loans or other debt, and faced with entry-level wages, must they give up their dream of home-ownership?<\/span><\/p>\n

 <\/p>\n

The good news is, the answer is NO! Owning a home before age 30 is still possible.<\/span><\/p>\n

Here’s how:<\/span><\/p>\n

Firstly, it is important to save! Indeed, for both first-time and seasoned buyers, a down payment is still required! Ideally it should represent as much as 20% of the value of the property. However, there is no need to panic should that not be possible. Mortgage loan insurance is available from the <\/span>Canadian Mortgage and Housing Corporation<\/span><\/a> (CMHC) or from<\/span> Genworth Financial Canada<\/span><\/a>. The down payment is then set at a minimum of 5%.<\/span><\/p>\n

Additionally, one must set aside 3% of the value of the house to cover start-up costs (notary, welcome tax, renovations, etc.)<\/span><\/p>\n

The question is, how does one save that much money? Here are a few ideas: <\/span><\/p>\n