Baby boomers buy luxury real estate and other stats Oct 14th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.

Latest News

Should you get a fixed or variable-rate mortgage? Why the usual advice may no longer apply Mar 17th

After more than a decade of variable rates coming out on top, experts say fixed mortgage rates may have hit bottom and are already starting to climb..... More »

Be Aware of Mortgage Penalties + MORE Nov 9th

Mortgage penalties are probably hated about as much as taxes—but tenfold. Particularly when those penalties reach into the five figures. Take this case of an Edmonton couple that was initially quoted $17,000 to break their five-year fixed mortgage early. But homebuyers need not fall into the trap .... More »

80,000 variable-rate mortgages will reach their trigger point by year-end: RBC + MORE Aug 27th

Canada's largest bank said about 80,000 of its variable-rate mortgage clients will reach their trigger point with the next "couple of" Bank of Canada rate hikes..... More »

Canada’s “New” Largest Brokerage + MORE Oct 19th

There’s a race underway in the broker industry, a race for scale. Brokerage firms are uniting to achieve better economies in a shrinking margin environment. And the mega-network trend is fast becoming a three-horse race, with DLC, Group Multi-Prêts Mortgage Alliance (GMP) and VERICO bein.... More »

Fixed-Rate Increases Costing Today’s Homebuyers Over $10,000 More in Interest + MORE Nov 13th

Fixed mortgage rates have been climbing steadily since September. But by how much at what cost for new homebuyers?.... More »

Baby boomers buy luxury real estate and other stats

– moneysense.ca

@media all and (min-width: 1008px) and (max-width: 1264px) {
.tab-nav li.menu-item a{
padding: 22px 18px;
}
}

Baby boomers buy into luxury, not less space
→ Would you be surprised by the results of a recent Sotheby’s study that shows baby boomers are the real driver behind the luxury real estate market in Canada? For the last two decades financial planners and demographic watchers have predicted that the baby boomer generation is going to downsize— but this trend just never came to fruition.
Instead, baby boomers have been investing in luxury homes and condos, while helping their Gen-Y offspring with home purchases. According to the Sotheby International Realty Canada study, nearly a third of first-time Gen-Y homebuyers got some sort of money help from their baby boomer parents, despite their parents’ desire to either hold on to the family home or to resize to a smaller, but more luxurious home.
How many first-time buyers purchase a detached home?
→ Another study from Canada’s second-biggest mortgage insurer, Genworth, offered a glimpse into the “typical first-time homebuyer” currently in the market…

Continue Reading On moneysense.ca »

Stay tuned for more mortgage wisdom brought to you by banks.ca!

Share