The standout headline in real estate news this year has been the first-time homebuyer. Pundits are pointing to the bank of mom and dad as the primary force behind these buyers, conjuring images of wealthy baby boomer parents showering their children with gifts, propelling them into a housing market they’re not ready for.
It turns out there’s more to first time homebuyers than the headlines tell us. They’re faced by a myriad of barriers to entry – staggering student debt, incomes growing slower than inflation, and hot housing markets to name a few. But there’s more than one source of their powers. Yes, parents are on the list – and they’re contributing more than ever – but the majority of first time buyers are still doing it on their own.
So how do first-time homebuyers do it? Using data from Genworth Canada’s First-Time Homeownership Study, we’ve uncovered the villains plaguing first-time homebuyers, and the secret superpowers they’re using to overcome them:
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