311-1009 HOWAY STREET NEW WESTMINSTER OPEN HOUSE WEEKEND $679,000.00

Welcome to Huntington West. Spacious 2 bed & 2 full bath condo is a top floor, corner unit. Located on a quite tree lined street. Lots of windows for nature light. Large living room with gas fireplace. Dining room for family dinners. Kitchen white cabinets & appliances make it bright. Large primary bedroom, perfect for you king size furniture. 4-piece ensuite. Good size 2nd bedroom. 3-piece main bath. Lovely wood flooring in living, dining & hallways. Newer carpeting in bedrooms for warmth. In-suite laundry. Sit on the deck & enjoy view. 2 parking spots+storage locker. Short stroll to the beautiful & popular Moody Park, Lord Kelvin Elementary & to Royal City Centre. Local shops & restaurants make this a well sought out neighbourhood.

Try these tips to maximize your footprint

GlucksteinHome Allegra daybed, GlucksteinElements Colton area rug, Ashcroft one light pendant

Let’s face it, if you’re after an urban address the chances are you’re trading a sprawling backyard for a city view and sacrificing some square footage along the way. Small space living forces you to be organized, get creative with your design choices, and make some compromises, but it can also be a cozy and charming retreat at the end of the day. If you’re looking to make your space feel bigger, try these pro tips to maximize your home’s footprint.

Use a Light Palette

Using a lighter colour palette throughout your home is easily one of the quickest ways to make a room feel bigger. Keep both walls and upholstered furniture pieces in light shades for the biggest impact. Another trick is to paint walls and ceilings in the same colour. It creates a seamless look and highlights the architecture of the room. Don’t forget to warm up your space with wood or brass accents. And layer in natural textures like a wool rug or chunky knit throw for cozy feel.

More design advice: How to make the most of your home office

Add in Mirrors

In some cases, the challenge with a smaller room is the lack of light. Use mirrors to create continuous sightlines and the illusion of a bigger space. Placed next to a window, a mirror will reflect the natural light along with the view. And don’t forget to think beyond the walls – a mirrored coffee table or kitchen backsplash can help achieve the same reflective effect.

Shop GlucksteinElements mirrors at The Home Depot Canada

Look to Leggy Furniture

If you want to make your space feel bigger, you’ll want to keep light flowing through for an airy feel. Take a look at your furniture. Chunkier pieces that sit low to the ground will break up the room and make it feel smaller. On the other hand, a slender profile sofa, sleek coffee table, or dining chair with a streamlined frame will help the room feel open and spacious.

Shop GlucksteinHome furniture at Hudson’s Bay

Rethink Your Window Coverings

Heavy drapery panels can add unwanted bulk and weight to a room, particularly in a smaller home. Instead, opt for light sheer drapery panels or roman blings to keep it breezy and bright in your space. Layering both options will maximizes the light darkening effect in rooms that need a bit more privacy.

GlucksteinElements Stripe light filtering drapery panels, Ashton brushed nickel drapery hardware

Shop GlucksteinElements drapery panels at The Home Depot Canada

Shop GlucksteinElements drapery hardware at The Home Depot Canada

Consider Circulation + Flow

Living in a small space will help you embrace your minimalist side. When selecting furniture, the goal is to have enough pieces to be comfortable but also enough space to circulate around the room. Double duty pieces are the urban dweller’s best friend and can always be reused if and when you move to a larger home. Don’t discount the value of a tidy home ether. Clutter is not only a physical distraction but a visual one as well.

More design advice: Space-saving tips for small bedrooms

Photography by A Plus Creative

Recovery Anticipated Following Interest Rate Reductions

Homes across the Greater Vancouver Region continued to sell, with steady activity

following three consecutive 25-basis-point interest rate cuts by the Bank of Canada—

the first time this has happened since the 2009 financial crisis. While analysts

anticipated a more robust second half of the year, there is still optimism for a positive

shift in the market in the coming months despite September’s more moderate

performance.

“Real estate watchers have been monitoring the data for signs of renewed strength in

demand in response to recent mortgage rate reductions, but the September figures

don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of

economics and data analytics said.

The average property in Greater Vancouver sold for $1,255,644 in September,

reflecting flat growth month-over-month and a 3.7 per cent decline compared to last

year. However, this overall figure doesn’t fully capture the contrasting trends between

the detached and condo markets, which show more divergence. The market remains

well-supplied, with 14,346 active listings by the end of the month. New listings also

surged, with 6,138 properties added in September. Sales totalled 1,838, showing

modest declines of 3 per cent from the previous month and 4 per cent year-over-year.

The detached market showed a notable rebound after months of decline. Having

dropped from an average sales price of $2,348,003 in June to just under $2.1 million in

August, the average detached property sold for $2,190,630 in September. This marked

a $97,928 monthly increase, bringing the annual price change to slightly above par.

Inventory for detached homes rose to 5,784 units, a 25 per cent year-over-year

increase, while sales saw a 1 per cent monthly gain—the first increase in three months.

On the other hand, the condo market experienced a significant pullback, with the

average sales price falling $75,621, resulting in an average price of $766,822. This

$75,000 monthly drop represents the largest single-month condo price decline on

record. While average prices can be volatile, the median price also reflected this

downturn, marking the second-largest monthly decline on record by this measure as

well.

With an ample supply of 6,353 condos 31 per cent above the ten-year monthly average

—price pressures have intensified. The 914 condo sales in September represented a

24 per cent decline compared to the ten-year monthly average.

The townhome market had a steadier month, avoiding the volatility seen in other

segments. The average townhome sold for $1,110,914, reflecting a 1.5 per cent

monthly gain. Inventory levels increased to 1,651 active listings, marking a 6 per cent

monthly gain and a 42 per cent year-over-year increase. Sales totalled 316 units,

representing an 11 per cent monthly gain and a 4 per cent increase year-over-year.

Looking ahead, the Greater Vancouver real estate market remains in a period of

transition. While interest rate cuts by the Bank of Canada have provided some relief,

their impact on buyer activity and pricing has yet to fully materialize. Inventory levels

across all property types are higher than historical averages, putting downward

pressure on prices in some segments, especially condos. However, with steady

demand and continued interest rate adjustments, there is potential for a stronger

performance in the final quarter of the year.

As the air gets crisp and the leaves start to change, there’s no better time to cozy up and embrace the season of warmth, comfort, and home. Whether you're enjoying the beauty of fall colours or preparing for the cooler months ahead, we're here to help you find the perfect space to make the most of this season.

Advantages of Selling Your Home in the Fall & Winter

So you are thinking would the Fall and Winter times really be a good time to but our home on the market?

The answer is yes, people do move all year round. We often think Spring is more popular than other times of the year, but there are active Buyers out there all the time and some are just waiting for that special home to go on the market.

Often Buyers have more time at this time of year as there are less activities during the winter months, which makes it a more convenient time to research property listings to find their next home to buy.

Did you know that most corporate moves and transfers take place during the month of January. Many of these transfers include a house purchase as well. Often these purchasers scout a new home out in the last part of the year, around the holidays.

There are many advantages to this time of the year:

-There is less competition, as some Sellers have taken their homes off the market and are waiting for Spring, when there is lots of inventory for you to compete with

-The Buyers at this time of the are often more serious

-Homes shows well as home owners get the home ready for holiday season and more attention to details is spent inside the home.

Some tips-

-Clean up fallen leaves and debris and keep sidewalks clear of snow and ice

-Place a floor mat inside the front door for wet shoes

-If putting up seasonal decorations just don't do National Lampoons Christmas Vacation home with 10,000 lights.

Turn on all the fireplaces, the flickering flames and warmth from a fire provide a romantic atmosphere that is a wonderful incentive for a prospective buyer to purchase your home. Light scented candles through some of the rooms. Now there are battery operated ones that do the trick.

Turn up your furnace before the prospective buyer arrives to view your home. If your kitchen seems to cooler than the rest of the house, turn your oven on for about an hour before the buyer is due to arrive. The oven will provide extra warmth in your kitchen.  

Sometimes the yard doesn't look its best at this time of year, so if you have some photos of the Spring and Summer garden, have them handy for the prospective purchaser to see.  Even pictures with the sundeck setup with patio furniture and potted plants.

Selling a home in the fall and winter has many advantages and the key is to highlight what makes your house a home during this time of the year when everyone is settling in for the winter.

WELCOME to 4052-4054 OXFORD STREET in Port Coquitlam. This NON-STRATA DUPLEX located across from GREENBELT offers it all! Original owner. Updated through the years. Priced at assessment. This large FLAT LOT is over 8,500 square feet with two driveways. Great RENT potential for an INVESTOR, SUBDIVISION POTENTIAL from RS1 to RS2 (2 lots) for a developer. For more potential options contact Port Coquitlam City Hall. Great family home with two full size homes in one! Perfect for an EXTENDED FAMILY. Great Opportunity! IMAGE THE POSSIBILITIES!

30-year mortgage amortization period extended for all first-time homebuyers and all new construction purchasers, plus a $500,000 increase to the insured mortgage cap

Those looking to buy their first home will soon be able to take advantage of a 30-year mortgage and expanded borrowing powers, regardless of the home they buy. 

On September 16th, the Government of Canada revealed that it would be expanding eligibility for 30-year amortizations on insured mortgages to all first-time homebuyers, and to all purchasers of new construction properties. The policy will come into effect on December 15th, 2024. Currently, the maximum amortization period for insured mortgages – mortgages that have less than a 20% down payment and therefore require mortgage insurance – is limited to 25 years.

By lengthening mortgage amortization periods by another five years, the federal government says monthly mortgage payments will be reduced, making housing more affordable for young Canadians. The upgraded policy would also incentivize developers to build more new housing. 

This latest amendment to mortgage rules comes just one month after 30-year amortizations for insured mortgages were announced for first-time homebuyers of new construction homes. The policy officially came into effect on August 1st.

Insured mortgage cap increased to $1.5 million 

In addition to longer amortization periods, the federal government has also increased the limit on insured mortgages. As of December 15th, the insured mortgage cap will be increased from $1 million to $1.5 million. 

“Building on our action to help you afford a downpayment, we are now making the boldest mortgages reforms in decades to unlock homeownership for younger Canadians,” said Chrystia Freeland, Deputy Prime Minister and Minister of Finance, said in a press release. “We are increasing the insured mortgage cap to reflect home prices in more expensive cities, allowing homebuyers more time to pay off their mortgage, and helping homeowners switch lenders to find the lowest interest rate at renewal.”

Under current rules, mortgage insurance is limited to homes purchased under $1 million, meaning anyone searching for a home in the seven-figure price range is automatically required to put down a minimum of 20% of the purchase price as a down payment. This can be limiting to homebuyers in the country’s most expensive real estate markets, Vancouver and Toronto, where average home prices often surpass $1 million. 

“The decision to lengthen insured mortgage amortizations and boost the mortgage insurance cap will give many first-time buyers across the country a much-needed leg up on accessing the property ladder. For many homebuyer hopefuls, the monthly mortgage payment is often the deciding factor between a property that fits in their budget and one that doesn’t. An extra few years to spread out those payments will help many purchasers make the transition from renter to homeowner. Those shopping in Canada’s most expensive markets, where home prices over $1 million are the norm, will also find it a little easier to get into the market,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd. 

“The implementation of these new rules will likely follow another cut to interest rates, or two.  The Bank of Canada’s next scheduled announcements are on October 23rd and December 11th. Lower borrowing costs, combined with these extended mortgage powers, may stir first-time buyer demand in the months ahead, setting the stage for a robust spring market in 2025.”

Do you qualify under the new mortgage policies?

In order to take advantage of the increased mortgage cap and 30-year mortgage amortizations, you must be a first-time homebuyer in Canada. Here are the basic requirements:

• The borrower has never purchased a home before.
• In the last four years, the borrower has not occupied a home as a principal residence that either they or their current spouse or common-law partner have owned.
• If the borrower recently experienced the breakdown of a marriage or common-law partnership, the regulations will follow the approach that the Canada Revenue Agency has taken with respect to the Home Buyers’ Plan.
• To be considered a new construction property, the new home must not have been previously occupied for residential purposes.

Thirty-year amortizations were first announced in the 2024 federal budget released earlier this year, alongside other housing measures for Canadians. Read more about all of the proposed housing measures here. 

Listed for $1,788,000.00

Welcome to 4052-4054 Oxford Street in Port Coquitlam. This Non-Strata Duplex located across from greenbelt offers it all! Original owner. Updated through the years. Priced at assessment. Lot is over 8,500 square feet. Great rent potential for an investor, subdivision potential from RS1 to RS2 (2 lots) for a developer. For more potential options contact Port Coquitlam City Hall. Great family home with two full size homes in one! Perfect for an extended family. Great Opportunity!

Call for more details

Listed $679,000.00

SPACIOUS TOP FLOOR BRIGHT CORNER UNIT with VAULTED 2 bed & 2 full bath condo. Located at Huntington West on a quite tree lined street. Lots of windows for nature light. Large living room with gas fireplace+VAULTED ceiling. Dining room for family dinners. Kitchen white cabinets & appliances make it bright. Large primary bedroom for your king size furniture. 4-piece ensuite. Good size 2nd bedroom. 3-piece main bath. Lovely wood flooring in living, dining & hallways. Newer carpeting in bedrooms for warmth. In-suite laundry. Sit on the deck & enjoy view. 2 PARKING spots+storage locker. Short stroll to the beautiful & popular Moody Park, Lord Kelvin Elementary & to Royal City Centre. Local shops & restaurants make this a well sought out neighbourhood. OPEN HOUSE SUNDAY SEPT 8th 1:00-4:00pm

Curb appeal encompasses the attractiveness, charm, and overall visual impact of a property’s exterior. It can include landscaping, architectural features, cleanliness, maintenance, and exterior design elements, all of which contribute to the initial impression potential buyers or visitors have of the home.

A change of the season often brings a change in décor, maintenance and care for your outdoor space. Whether you’re preparing to sell your house, or simply take pride in a well-kept home, there are many simple solutions to make your home’s exterior sparkle this summer.

Here are five ways to improve curb appeal:

1. Touch up the driveway

Your driveway is the first thing you’ll see when you arrive at your home, making it one of the most important exterior elements to give attention to when improving your property’s curb appeal.

Clean the driveway with a pressure-washer to get rid of dirt and debris. This may be all you need to do! However, if there are any cracks, loose stones or bricks, be sure to repair or replace them. You could also choose to have your driveway sealed to freshen up the look of it while providing protection against deterioration.

A rock garden or hedge can further enhance the aesthetic appeal of the driveway, lending a natural and visually-pleasing border that complements the existing landscaping.

2. Gussy up your grass and gardens

An overgrown lawn full of weeds can be unsightly and is often unappreciated by neighbours. Give your lawn some love by seeding, fertilizing and aerating the grass. Be sure to water your lawn enough for new grass to grow and old grass to remain healthy.

Revitalize existing gardens with fresh mulch and a new plant or two! If you’re starting from scratch, an expert tip to keep your garden looking wonderful and weedless is to lay down landscaping fabric. This will allow water and air to penetrate the soil, while keeping weeds from popping through.

3. Add character to your front entrance

This is the place you can pour your heart into – the area that greets you every day when you come home, and is the space that invites guests in. You want your front entryway to be warm and welcoming.

Always clean up the space first, removing any clutter or cobwebs, repairing or replacing anything that is broken, and swapping burnt out bulbs in outdoor light fixtures.

Take your front entrance style a step further and paint your front door in a colour that pops. Painting the door not only brightens the home’s facade, but also protects the door from environmental damage.

Next, decorate! Add hanging or potted plants, some comfortable seating if the space allows, and a seasonal wreath as the finishing touch.

4. Update the deck and patio

Pressure wash the patio and deck to remove dirt and any uneven surfaces of the wood. Add a fresh coat of protective stain to the deck, and weed between patio stones. While you have the pressure washer out, consider cleaning off the siding and windows too.

Clean, refinish or replace any weathered patio furniture and arrange them so they’re ready to be enjoyed.

Add potted plants to your deck or patio space for privacy. When large enough, they can provide a barrier from neighbours. They also add to the aesthetic of the space and are appreciated by bees, birds and butterflies.

5. Amp up your lighting

Outdoor lighting can bring your home from looking drab to looking fab after the sun goes down!

Pot lights under the eaves will illuminate the entire exterior, adding a touch of grandeur to your home.

Installing solar powered lights along the driveway or path to the front door is not only welcoming, but also makes it easier to see where you’re going at night. If space permits, try adding a pendant light to your front porch — it’ll make for a cozy and inviting entrance.

The subtle light given off by lanterns or twinkle lights will make your home’s patio, deck or backyard a usable outdoor space for relaxing or entertaining guests.

As you work to enhance your home’s curb appeal, remember that even small changes can have a significant impact. By following these tips, you can create a welcoming and visually stunning exterior that reflects your style and pride of ownership.

Contributor

Michelle McNally

Communications manager, Royal LePage

Michelle is a member of Royal LePage’s Communications and Public Relations team, and works to deliver unique and insightful Canadian real estate content to media and consumers. Prior to joining Royal LePage, Michelle was an online reporter specializing in Canadian real estate and pre-construction development. She is a graduate of Toronto Metropolitan University’s esteemed journalism program.

Royal LePage® professionals understand that a house is only a home if the people who live there feel safe. That’s why, more than 25 years ago, we unanimously agreed that helping women and children find safety from intimate partner violence should be where we channeled our big hearts and charitable efforts. In addition to granting millions of dollars to shelters and transition houses in communities across Canada, the Royal LePage® Shelter Foundation™ also funds organizations helping to prevent domestic violence, as well as those addressing emerging needs in the Violence Against Women sector. This series shares how your donations are being put to work in support of these vital priorities.

Your donations at work 

In Canada, 44% of women report experiencing violence from an intimate partner during their lifetime. Alarmingly, research reveals that as many as 92% of these women may endure one or more brain injuries as a direct result of this abuse.When you consider that most physical abuse involves blows to the head, face, neck, and strangulation, it’s not surprising. 

Yet, despite sports concussion stories continuing to dominate news headlines, little attention is paid to how common brain injury (BI) is among survivors of Intimate Partner Violence (IPV).

Supporting Survivors of Abuse and Brain Injury through Research (SOAR) is working to change that. This British Columbia-based charity is one of the few  non-profit organizations in Canada with a singular focus on the intersection of IPV and BI. The Royal LePage® Shelter FoundationTM is proud to support their groundbreaking work with a grant of $75,000. These funds will be used to help kick start a training program for women’s shelters from coast to coast, equipping front line staff with the knowledge and skills they need to better support women who’ve experienced a BI from IPV.

“When we first heard the horrifying statistics on how many women were suffering a brain injury from intimate partner violence, and learned how many shelter workers still didn’t know how to recognize or respond to it, we knew this was a project we had to support as part of our commitment to helping women and children find safety and healing from domestic abuse,” said Lisa Gibbs, executive director of the Royal LePage Shelter Foundation.

The Royal LePage Shelter Foundation first became aware of this invisible public health crisis through hockey legend Trevor Linden, and  a powerful public service announcement with YWCA Metro Vancouver. Highlighted in this video is a chilling reminder that for every one concussion in the NHL, more than 7,000 women, girls and gender diverse people in Canada suffer the same injury due to IPV every year.

BI can cause a range of devastating and often long-term psychological and emotional effects, all of which are that much more challenging for women who’ve experienced IPV, and are trying to keep a job, maintain safe and affordable housing, parent their kids, and manage their lives day to day. Many survivors don’t even realize they’ve suffered a BI. When service providers also aren’t educated on the issue, it can lead to survivors being perceived as forgetful, emotionally unstable, oppositional, and mentally ill.

“This project has the potential to form the basis for new, standardized best practices in  identifying and supporting survivors at what is often their first point of contact after leaving an abusive relationship – a shelter – leading to better outcomes overall,” points out Karen Mason, co-founder and executive director of SOAR. “We’re so grateful to the Royal LePage Shelter Foundation for supporting such impactful work, and can’t wait to get started.”

Visit rlp.ca/donate to make a donation in support of the Royal LePage Shelter Foundation.

To learn more about SOAR, visit soarproject.ca.

Contributor

Carly Neill

Fundraising and Communications Manager,
Royal LePage Shelter Foundation

As the Royal LePage Shelter Foundation‘s Fundraising & Communications Manager, Carly Neill serves as a resource for Royal LePage brokerages, agents, and staff who are keen to support their local women’s shelter and national domestic violence prevention. She aims to inform, inspire and celebrate Royal LePage Shelter Foundation fundraisers and supporters from coast to coast. An important part of her job is coaching Royal LePage ‘Challenge for Shelter’ trekkers, who trek across the world in support of Canadian women and children seeking safety from domestic violence. 

Buying your first home is surely a major milestone, which can be full of excitement, but also some anxiety. From mortgages and down payments, to government programs and house hunting, there’s a lot to take in.

Luckily, it’s easy to understand how to buy your first home with the right tools and expertise. The first step on the journey is to make sure you’re financially ready to purchase your first home.

When buying a home, everything comes down to your wallet. Your monthly income, debts, and credit score will determine the size of the mortgage you qualify for, which will decide what kind of home you can buy and in which location.

Here are five financial factors to consider on your path to home ownership:

1. Assess your fixed and variable expenses

To get a clear picture of the type of home you can afford, you need to understand your finances, which includes net income, expenses, debts, and your credit score.

First, determine your monthly income and expenses, both fixed and variable.

• Monthly net income: This includes your after-tax, take-home income. This also includes other income sources like commissions, bonuses and dividend profits.

• Fixed expenses: These are regular, monthly expenses like rent, car loans, insurance fees, utilities, etc.

• Variable expenses: These expenses can change from month to month, like groceries, gas, pet care, and discretionary spending, such as dining out, concert tickets, personal care, and other lifestyle expenditures.

2. Calculate your debt-to-income ratio

When assessing your finances for a mortgage, a lender will consider your debt-to-income (DTI) ratio to determine your borrowing risk. The lower the percentage of your DTI, the better.

To calculate your DTI, divide your total monthly debt payments by your gross monthly income. This includes debt such as car payments, student loans, rent and utilities. If your DTI ratio is above 50%, you may need to take steps to lower your debts and expenses to improve your ratio.

3. Conduct a credit score check

A solid credit score is vital for first-time homebuyers. Usually, a score above 660 is good, and will improve your odds of accessing your preferred mortgage products, but a score above 760 is ideal, giving you the best offers and credits available.

By checking your credit score before pursuing a mortgage loan, you can assess what areas may be helping or hurting your score, such as a missed payment or outstanding balance.

4. Understand a pre-qualification vs. pre-approval

Before you get your heart set on a home, it’s important to differentiate between a mortgage pre-qualification and a pre-approval.

Essentially, pre-qualification is a general (sometimes self-report) estimate of your finances, showing a ballpark range of a mortgage and interest rate you would qualify for today. This can help you to narrow down your home search to property within your price range. A pre-approval is an official assessment by a lender into your financial situation, which will show you the actual mortgage size and rates available to you.

5. Determine your down payment and closing costs

Besides the sale price and mortgage payments, there are other visible and hidden expenses that you need to consider when it comes to buying a home. Down payments and closing costs are the main two.

• Minimum down payment requirements: Your down payment can range from as little as 5% to more than 20%, depending on how much you have available to put down. Any homes purchased over $1 million in Canada require a minimum 20% down payment. Homes purchased with less than 20% down will require mortgage insurance.

• Closing costs and fees: You should estimate that closing costs will equal approximately 3-4% of the purchase price, including legal fees and land transfer tax. Plus, there are additional costs related to moving, inspection, etc. you should prepare for.

Contributor

Jatin Gill

Broker, Royal LePage® Your Community Realty, Brokerage

More than 4 out of 5 Canadians aged 18-38 believe that home ownership is a worthwhile investment

While young homebuyer hopefuls in Canada are facing more financial obstacles today – including higher home prices, interest rates and cost of living than their parents – many continue to aspire to own real estate one day. Despite chronic housing affordability and supply challenges, Canada’s next generation1 of buyers believes that owning a home of their own remains advantageous as a long-term investment.

According to a recent Royal LePage® survey, conducted by Hill & Knowlton,2 84% of Canadians belonging to the adult generation Z and young millennial cohort – those aged 18 to 38 or born between 1986 and 2006, and referred to in this release as the next generation – believe that home ownership is a worthwhile investment.

Among respondents who do not currently own a primary residence, three quarters (74%) of those in the next generation of homebuyers say that owning a home is a priority for them and a milestone they hope to achieve in their lifetime. Young buyers understand home ownership is expensive. Just over half (54%) of respondents believe that home ownership is an achievable goal; 26% are unsure; and, 20% do not believe it is achievable for them at all.

“It is not surprising that young buyer hopefuls see immense benefits in home ownership,” said Phil Soper, president and CEO of Royal LePage. “What is both surprising and promising in these findings is the practical and purposeful manner in which these people are tackling affordability barriers. They are well educated on the state of the real estate market and the wide variety of government programs put in place to assist young families find homes. They are hyper-focused on saving for a down payment, which is often the biggest hurdle buyers face. And, they are open to creative solutions, such as shared ownership with friends and family, or buying a property with the express intention of renting a portion of the home to a tenant.”

Young Canadians confident in their financial future

Among young Canadians who do not currently own a home, 75% say they are planning to purchase a property as a primary residence in their lifetime.

“The youngest cohort of homebuyers in Canada have no shortage of barriers on their path to ownership. Though the cost of borrowing has begun to come down, chronic supply shortages have kept housing prices from dropping, even as demand softened under the weight of high interest rates,” said Soper. “Despite these hurdles, the next generation of homebuyers remains committed to their pursuit of owning real estate, and are remarkably optimistic that they can make their dream a reality.”

Of those who say they believe home ownership is achievable, when asked why, 45% of respondents say that they are saving diligently and feel confident that they will have enough savings in the near future to make a home purchase. 31% of respondents say they are on a career trajectory that will earn them a high income and therefore provide them with enough savings to buy a home, while 26% say that they and their spouse have a high enough combined household income to afford a future home purchase. Respondents were able to select more than one answer to this question.

Young buyer hopefuls making sacrifices to reach home ownership goals

40% of respondents who are planning to purchase a home say that their timeline to buy a property is within the next five to 10 years, while 25% say they are planning to purchase a home more than 10 years from now. Buoyed by the prospect of lower borrowing costs, nearly one in five respondents (18%) say they plan to purchase a home within the next three years, and another 13% plan to buy in three to five years.

To reach their goal of home ownership, almost half (47%) of those planning to purchase say they are regularly saving a portion of their earnings for a down payment. 42% say they are diligently paying their loans and bills to ensure a good credit rating, and 34% say they are reducing their discretionary spending in an effort to save more. 30% are living with family and saving for a down payment, paying little to no rent. Respondents were able to select more than one answer to this question.

“In pursuit of home ownership, many young people are not only pausing small daily indulgences but also making compromises that impact their long-term financial stability. This includes sacrifices like delaying education and retirement savings, and putting off other major investments,” noted Soper. “If policy makers needed yet another example of the impact of our nation’s chronic housing supply crisis on the financial security and well-being of young people, this is it.”

While parental involvement in first-time home purchases has become increasingly common in Canada, not all young buyers will be withdrawing from the bank of mom and dad. Nearly half (47%) of respondents say they will not receive any financial assistance from family members towards their home purchase. Meanwhile, 32% say they will receive some form of financial support toward the purchase of their first home.

Read the full press release and review the data chart for more information and regional insights:

PRESS RELEASE

DATA CHART

Royal LePage resources for aspiring homeowners

To help aspiring homeowners, Royal LePage has published a number of online resources available at the following links:

• 30-year amortizations on insured mortgages for new build homes now available for first-time buyers

• From renter to homeowner: Your complete guide to home ownership in a competitive real estate market

• 8 new housing policies announced in the 2024 federal budget

• Real estate terminology 101

• Expert Q&A: What you need to know about buying a property pre-construction

• Saving for your first home? Here’s what you need to know about Canada’s First Home Savings Account (FHSA)

• What is the Home Buyers’ Plan?

• Get matched with Your Perfect Neighbourhood!

Contributor

Anne-Elise Cugliari Allegritti

Director of Communications, Royal LePage

Listed at $539,900.00

Welcome to the “Terraces."

Cute 1 bed & den unit, perfect for a 1st time buyer or empty nester wanting to downsize,or something in between.

From the moment you walk in you will love the nature light streaming in.

Large living room with wood burning fireplace.

Sliders to balcony facing south & enjoy view to Metro Town.

Cozy kitchen with stain glass window. Dining room with retro light fixture.

Good size primary bedroom with walk through closet to the bathroom.4-piece bath.

Bonus, den/office/guest bedroom/shoe closet, you decide!

Laundry closet, just add washer & dryer. Also a shared laundry room in the building.

Easy care flooring.1 parking spot.1 Locker on the same floor as unit.

Transit, shopping & recreation close by. Great for students commuting to SFU or BCIT.

Welcome to Huntington West. Spacious 2 bed & 2 full bath condo is a top floor, corner unit. Located on a quite tree lined street. Lots of windows for nature light. Large living room with gas fireplace. Dining room for family dinners. Kitchen white cabinets & appliances make it bright. Large primary bedroom, perfect for you king size furniture. 4-piece ensuite. Good size 2nd bedroom. 3-piece main bath. Lovely wood flooring in living, dining & hallways. Newer carpeting in bedrooms for warmth. In-suite laundry. Sit on the deck & enjoy view. 2 parking spots+storage locker. Short stroll to the beautiful & popular Moody Park, Lord Kelvin Elementary & to Royal City Centre. Local shops & restaurants make this a well sought out neighbourhood. OPEN HOUSES SATURDAY & SUNDAY JULY 6 & 7 1:00 to 3:00pm… See you there 

Welcome to “The Shaughnessy”. Lovely 2 bedroom & 2 bath corner unit condo with panoramic view in the only concrete tower in Port Coquitlam. Large floor to ceiling windows allows the natural light to stream in. Gas range cook-top/white stone counter tops/stainless steel appliances/tall cabinets are featured in the kitchen. Primary bedroom has 2 closets with organizers. Ensuite with soaker tub/shower. 2nd bedroom would be a great nursery or home office space. 2nd bath with walk-in shower. Tiled entrance. In-suite laundry. Building includes gym, amenity room, garden terrace & more. Lions Park is at your doorstep. Perfect for kids & dogs to visit. Shopping & restaurants across the street. Easy access to major highways & transit.

The new buyers will love this area.