Toronto first time buyers are using creative strategies to reach home ownership on their own without the help of a spouse and they are doing this at a much earlier age according to a recent survey by the Canadian Association of Accredited Mortgage Professionals (CAAMP).
A report from Statistics Canada found 22 per cent of people aged 25 to 39 who owned a home in 2006 bought it themselves while 76 per cent became homeowners with a spouse or partner.
Recently an increasing number of single women are deciding to become home owners, opening up a new market for Toronto Condos in particular, as Condos provide security, home ownership and a great chance to build their own equity instead of their landlords.
Considering the rent on an average 2 bed-bedroom apartment in many major cities in Canada is the equivalent amount needed for a Condo mortgage payment, many are turning to the Condo lifestyle.
Long term mortgages with amortization terms longer than 25 years and with little or no down payment requirements are also helping these first-time buyers.
With the average age of first-time buyers at 32.5 per cent in 2006, and dropping, it appears young homeowners are passing over the rental phase and quickly moving into home ownership.
My Toronto Real Estate website has Condos, Town-homes and Loft’s for first-time Toronto buyers.
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