Here's How Much Home Canada's 'Peak Millennials' Can Afford
Here's How Much Home Canada's 'Peak Millennials' Can Afford
Huffington Post ~ April 26th, 2018
A down payment on an "affordable" Toronto condo could buy you a whole house in the Maritimes.
Woe be the millennial homebuyer in Canada.
Things were hard enough in recent years, with house prices rising rapidly in many cities, but a new report from Royal LePage highlights just how much tougher buying a home has become in recent months.
The federal government's new mortgage rules, instituted at the start of the year, have reduced the buying power for a "peak millennial" by about $40,000, the report said, reducing the mortgage they can get by 16.5 per cent.
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CURRENT RATES
| Term | Our Rate | Bank Rate |
| 2 YEAR | 4.29% | 7.35% |
| 3 YEAR | 4.09% | 7.14% |
| 4 YEAR | 4.49% | 6.99% |
| 5 YEAR | 4.09%* | 6.79% |
| 5 YEAR variable | 4.25%* | 5.20% |
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