The pandemic has proven to be a hot time for first time home buyers. A recent report by Royal Lepage says that nearly half of Canadians aged 25 to 35 own their home, and 25% of those homeowners purchased their property during the pandemic.
Experts say that this is because of low interest rates, including a 5-year closed mortgage for under 2% making it easier for first time buyers to obtain a mortgage. Lethbridge mortgage broker Kim Vucurevich shared what she is seeing here in Lethbridge.
“I even see a lot of parents wanting to help out their young adult-kids with gifting — I’m seeing a lot of gifting for down payment to help their kids get into their first home because of the rates (being) so low,” says Vucurevich.
Since the pandemic began, Alberta has seen the highest amount of first time buyers in the country, specifically in Calgary and Edmonton.