The Canadian housing market today has made owning a home impossible for many, especially for low to modest income families. With a tough process and elevated price growth, it is no doubt that families are struggling to find a place they can call home. At Creative Home Solutions, we take pride in being able to address these concerns to give individuals the services they deserve and the opportunity to obtain a secure place in this unpredictable market.

The reason many families are faced with the challenge of not being able to afford a home is more than just personal income. It includes factors such as overvaluation, elevated price growth, and most recently, the new mortgage rules imposed by the federal government. These changes have a significant impact in the type of homes families are able to afford and sustain in the long run. The process of buying a home has become costly and practically unmanageable with new mortgage rules in effect making it harder to borrow a loan from the bank without a large enough down payment. What this means for low to modest income households and first-time home buyers is an added level of stress, with the risk of not being able to qualify for a desired mortgage amount. As the cost of living continues to increase, owning a dream home strays further away from one’s expectations.

Being able to find the right place is only half the struggle for homeowners, as choosing an ideal location is key. With endless options on where to live, choosing an environment that feels right and at home will help make a new living situation feel more welcoming and at ease. However, the truth is that the perfect location is often unaffordable for the average person. Certain housing in desirable neighborhoods are often more expensive due to their value and demand, whereas housing in less desirable neighborhoods is the complete opposite. This puts a strain on low to modest income households based on the quality of homes they are able to afford and provide. With certain locations being more expensive, many individuals are often faced with the decision of having to move out of the city where prices start to decrease and appear more reasonable. Nonetheless, relocating is unrealistic to some and a hassle for all involved.

The reality is that the solutions for affordable home ownership are slim and often not in locations that families prefer. It is important that affordable homeownership continues to grow and expand among cities to provide homeowners the flexibility to choose the community they want to live in.