Real estate prices continue to rise, but a new Bank of Montreal poll says that hasn’t damaged GTA homeowners’ belief in the market.
According to research released Wednesday morning, 57 per cent of local homeowners polled plan to buy a new home within the next five years. That figure was down two per cent from last September, but 11 per cent ahead of the national average.
It was standing room only at a recent rent-to-own seminar for Daniels’ NY2 condo project at Bayview and Sheppard.
About 75 people from across the city attended the seminar with one goal in mind: to learn how they could become homeowners.
Many prospective homebuyers have stable income but may not be able to manage the down payment on that first property. Condo builders are realizing this and are devising innovative, new financing plans to help first-time buyers get into the game.
Kerri Lynn McAllister was shocked last month to receive notice of an almost 10 per cent increase — $150 a month — on the downtown condo she and her boyfriend had been renting for $1,625.
She was even more surprised to find out the hike — three times what’s allowed for most apartments under provincial rent controls — was perfectly legal.