3. 90 per cent of first-time homebuyers in B.C. need financial help to buy home

90 per cent of first-time homebuyers in B.C. need financial help to buy home

We don't live in the BC, but even then...

We don't have any family money. Even worse - we need to help our aging parents and other relatives from time to time.

I kept hearing how essential 20% downpayment was. We have been living in a nice area of Montreal, slightly out of downtown, starting 2011 - rented apartments there. Then downtown prices exploded, and most surrounding areas as well (Plateau, Old Port, Griffintown, South West, NDG/CDN, Atwater, etc). Prices in our area, although somewhat increased, but remained comparatively depressed, likely due to a bridge construction in the area causing some transport disruptions (road construction, closures, re-routes).

It was a hard decision for us, but FOMO prevailed over the desire to save 20%. We started looking into it just over a year ago - got a realtor, started making visits, etc., and early in 2019 we "won" a bidding war; bought what we could more or less afford with a minimal 5% downpayment; a humoungous CMHC insurance charge was built into the mortgage. We closed on this madness in June.

Looking around us now, it's crazy. Despite us making a very precarious gamble (I still get shivers every time I think of that insurance premium I paid to get into the market), as of now, it seems that it was more than worth it. The inventory is still extremely low. Whatever gets on the market, disappears extremely promptly. It would be way harder for us to afford the same place today - prices went up by at least 10% over the past 6 months.

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