Good News for First Time Buyers

PETERBOROUGH, Ontario – March 26, 2019 – PRLog — Homeownership plays a vital role in helping to build strong, stable communities providing families with a sense of emotional and financial stability and, historically, boosting household wealth through equity and appreciation over time. But, in recent years, this dream has remained only a dream for some young people trying to get into the market.

Times are changing.

REALTORS® have been advocating for several years, on both a provincial and federal level, in support of action to help young people enter the market and recognize their dream of homeownership. As a result, REALTORS® across the county were thrilled with the recent budget announcement that outlined various measures that will help address housing affordability.

“This is a step in the right direction,” commented Cathy Burningham, President Peterborough and the Kawarthas Association of REALTORS® (PKAR). “While this initiative doesn’t reduce the tougher qualification hurdles borrowers must satisfy, having a smaller mortgage amount up front will help to reduce monthly payments making first time purchases more attainable.”

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