First-time homebuyers are looking for relief amid rising interest rates, but access to housing based on their cash flow and history can make it hard to afford owning a home in today’s market.
Earlier this month, the Bank of Canada raised the lending rate a full percentage, up to 2.5%, resulting in Canadian banks hiking their prime lending rate to 4.7%, the highest in over 10 years. Those who do not have access, or the funds, continue to get priced out.
READ: Make Less Than $225K? You Can’t Afford to Buy a Home in Toronto
“Not everyone has the access to the bank of mom and dad to help them buy a home,” says Nicholas Pope, co-founder, and Chief Investment Officer at Ourboro. “We’re trying to bridge the down payment gap for those who don’t have intergenerational wealth so that they can break into the market and own the property where they live.”
