SPRING/SUMMER 2018

DIGITAL VERSION AVAILABLE AT:HOMEOWNERSHIP.CA

#FirstHome#Trends

Debbie McPhersonSenior Vice-President, Sales & Marketing,Genworth Canada

FIRST HOME GOALS

Produced by

P.S. Please bookmark Homeownership.ca. You’ll find online tools, education and services to help simplify your road to homeownership!

No one said achieving a life-changing goal would be easy. For most of us, our first home is the biggest financial investment we'll ever make. (Many of us will never make a bigger one.) Homeownership is a goal worth waiting for. It’s hard work, and worth doing right.

This issue of A Better Way to Homeownership explores the ways and means that can help Canadians reach their first home goals. We have stories that demystify affordability and the state of the Canadian real estate market, from a look at the new mortgage rules to the best place to grow your down payment to a rundown of Canada’s freshest first home bargains.

We also shine a light on the home trends shaping the way first-time homeowners live today, with budget-friendly ideas for green living and making the most of your indoor and outdoor space this season.

Genworth Canada has helped more than a million Canadians on their homeownership journey, and we hope this issue educates and inspires you, too. Visit our website, Homeownership.ca, for informative articles and to use our interactive budget and affordability tools. (Don’t forget to sign up for our newsletter while you’re there!)

Do you have questions or a story to share? We’d love it if you’d join our conversation on Facebook, LinkedIn and Twitter.

Here's to setting and achieving your homeownership goals in 2018!

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800.511.8888 | Genworth.ca | Homeownership.ca

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FROM NEW HOME TO DREAM HOME.

Purchase Plus Improvements When your perfect home is only a reno away, Genworth Canada can help you achieve your dream with tailored improvements immediately after taking possession, and one manageable mortgage with as little as 5% down payment.

The HomeOpeners® AppThis web-based App helps you achieve the dream of homeownership sooner, with better mobile resources than ever.

Visit www.Genworthmobile.ca

16 CLOSING & MOVING IN Should you pack it or sack it?

14 THE BUYING PROCESSThe mortgage stress test: What does it mean for you?

12 HOUSE HUNTINGHow to shop for a greener home.

10 FINANCINGWhere to grow your down payment.

22WHAT'S ONLINETop responses from our Tips for First-Time Homebuyers contest.

8DREAMING OF HOMEOWNERSHIPCanada’s best first home cities.

A: You’re right, fixer-uppers offer excellent value. (And no, you don’t have to go turnkey if a fixer-upper is your preference.) Properties that cry out for TLC stretch your real estate buck, buying you more space or getting you into a neighbourhood that might otherwise be outside the typical first-time homebuyer’s budget.

But no one wants to live in a disaster zone, amid ongoing renovation after renovation. Tackling all your renos up front gets you from fixer-upper to home sweet home more efficiently – and with way less grief. Genworth Canada’s Purchase Plus Improvements program is the way to make it happen.

Purchase Plus Improvements allows you to make home improvements immediately after taking possession of your new home. The costs are rolled into one easy-to-manage mortgage, with as little as five per cent down.

Because transforming a kitchen from frightening to family hub, or upgrading a basement from dungeon to den, shouldn’t have to wait!

To learn more about Purchase Plus Improvements and how to qualify, visit Homeownership.ca or call Genworth Canada’s National Underwriting Centre at 1-800-511-8888 (toll-free).

YOU ASKED, WE ANSWERED

TABLE OF CONTENTS SPRING/SUMMER 2018

Q: I know fixer-uppers provide excellent value, but I’m worried I’ll be in indefinite renovation mode for years if I pay for one home improvement project at a time. Should I stick to a turnkey property?

5HELP!You asked, we answered.

6THE EDGEThe stats and trends driving Condo Nation.

18TOOLBOXThe 2018 trends you’ll love!

20COMMUNITYHelping homeless youth get on the path to success.

HELP!

GENWORTH CANADA SPRING/SUMMER 2018 5

35%

30%30%

39%

17%

30%30%

55%55%

Montreal NationalAverageTorontoVancouver

47%

29%29%

CANADA’S TOP CONDO CITIES

3 HOT CONDO #TRENDS

BEST CONDO AMENITIES

AVERAGE CONDO COST

CONDO HOUSE

Source: Percentage of first-time buyers choosing condos over detached houses, according to data from the 2015 and 2017 Genworth Canada First-Time Homeownership Study

Source: Statistics Canada

Average costs in December 2017 and 2016 (Vancouver, Toronto) and October 2017 and 2016 (Montreal). Sources: vancitycondoguide.com (Vancouver), trebhome.com (Toronto), thestar.com (Montreal)

2017$856,300

2017$856,300

2016

MontrealTorontoVancouver

2017$532,700

2017$532,700

2016

14.1%

12.5%

2017$370,000

2017$370,0002016

14%

CONDO NATION

Condos reign supreme in Canada’s hottest cities. The majority of first-time homebuyers in Vancouver, Toronto and Montreal are picking condos, in part due to affordability challenges with single-family detached residential homes. Here are the numbers behind Canada’s condo explosion.

MICRO-CONDOS Minimalist 300- to 600-square-foot

millennial #firsthomes

LUXURY CONDOS Spacious, high-end digs for downsizing

baby boomers

CONDO COMMUNITIES Cool parks and social spaces take on added

prominence in new condo developments

1/3 of new homes built in Canada between 2011 and 2016 were condos

13%

of Canadian households live in a condo

MILLENNIALS AND 65+ are the age groups most likely to live in a condo

Billiards Lounge

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THE EDGE

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C A N A D A ’ S B E S T

FIRST HOME CITIES

Dreaming of Homeownership

Growing numbers of first-time homebuyers are venturing farther in search of an affordable #firsthome. While leading metropolitan cities like Vancouver or Toronto will always be strong draws, they’re challenging markets to crack: in December 2017, the benchmark price of a home hit $1.05 million in Greater Vancouver and $743,500 in Greater Toronto.

Early adopters have driven booms in revitalized municipalities like Hamilton, Ont., and Surrey, B.C. These growing cities offer great

#Firsthome city: Kamloops, B.C.

Average 2017 home price: $365,0002

Approximate population:90,000

Why you’ll love it: This Thompson Valley river town sits in the shadow of mountains, enjoys beautiful weather and has a relaxed, outdoorsy vibe. Kamloops boasts all the millennial must-haves: arts ’n’ culture, yoga studios, restaurants and a farmers’ market, plus amazing proximity to hiking, skiing, fishing and snow sports. Kamloops offers the quintessential B.C. lifestyle for a fraction of the cost of Vancouver living.

#Firsthome city: London, Ont.

Average 2017 home price: $330,000

Approximate population:500,000

Why you’ll love it: London is home to Western University and boasts a thriving entertainment and food scene. The Canadian Centre for Policy Alternatives ranks it among Canada’s best cities for women, thanks to its safety, economic security, education, health and leadership opportunities. Nicknamed the Forest City, London has plenty of green spaces to kick back in.

#Firsthome city: Guelph, Ont.

Average 2017 home price: $474,000

Approximate population:132,000

Why you’ll love it: Guelph is a nature lover’s paradise, with two scenic rivers and endless kilometres of recreational trails that meander through forests and parks. It’s low in crime and has long been renowned for its high standard of living, not to mention its laid-back, university-city vibe.

#Firsthome city: Halifax, N.S.

Average 2017 home price: $231,000

Approximate population:957,000

Why you’ll love it: Canada’s East Coast offers amazing value to anyone who’s ready to make the leap. Unlike other Maritime municipalities where job prospects may be suboptimal, Halifax is b-o-o-m-i-n-g. One of Canada’s top tech hubs, the fast-growing city enjoys low unemployment, a healthy economy, universities, the Atlantic Ocean and über-affordable real estate. Beaches, culture, a growing food scene – what more could you seek in a #firsthome city?

value for homebuyers seeking more home for their real estate buck – yet their new found popularity comes with swelling sticker prices. So what should you do if you’re on a supertight budget? Are there any exciting cities where you can buy a home for less than the national average of half a million dollars?

Fortunately, yes! Read on for four up-and-coming cities for your #firsthome. These cities offer more than just great entry-level real estate; they’re also uniquely fantastic communities to set down roots in.1

1 British Columbia/Ontario focus reflects the relative affordability of other regions in Canada in comparison to the fast-paced Greater Vancouver and Greater Toronto markets. 2 All prices are from the Canadian Real Estate Association, except for Guelph (Home Group Realty Inc.).

DREAMING OF HOMEOWNERSHIP

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W H E R E T O G R O W Y O U R

DOWN PAYMENT

Financing

High-interest savings accountHigh-interest savings accounts pay better-than-average interest. For convenience, you could open one at the bank or credit union where you have a chequing account. Or you may want to shop around in search of a higher interest rate. Your money (up to a limit of $100,000) is protected by the Canada Deposit Insurance Corporation (CDIC) and available when you need it.

Tax-free savings accountTax-free savings accounts (TFSAs) traditionally offer less interest than high-interest savings accounts (yet that is not always the case, so, again, it never hurts to comparison shop). The distinguishing characteristic of TFSAs is that there’s no income tax on interest earned or on withdrawals – which you can make at any time.

TFSAs have an annual contribution limit: in 2018, that’s $5,500, but you can roll over any unused contribution room from previous years. If you want to open your first TFSA, you could move as much as $57,500 into it tomorrow.

TFSAs can be straightforward savings accounts, or they can contain investments like Guaranteed Investment Certificates (GICs) or mutual funds. There is a caveat, however. Take mutual funds: unlike cash deposits or most GICs, there’s no guarantee you’ll get back what you’ve invested. Markets fluctuate, which could work in your favour … or not. If you’re risk averse – as most first-timers often are – grow your TFSA with GICs and cash savings.

Registered retirement savings planAs indicated by the name, registered retirement savings plans (RRSPs) are

a retirement-savings vehicle. The Canadian government promotes saving via incentives: RRSP contributions are tax deductible. But you are penalized if you take your money out early – a withholding tax will be deducted up front, and the withdrawal amount may also be subject to income tax, depending on your total income. Ouch. So why park your down payment savings in an RRSP? One reason: The federal government’s Home Buyers’ Plan.

If you’re a first-time homebuyer, the Home Buyers’ Plan allows you to borrow up to $25,000 (tax-free) from your RRSP, so long as you pay it back within 15 years. If you have a spouse who also qualifies, you can each borrow that amount, up to a maximum of $50,000. Not bad, right?

TIP: For most first-time homebuyers, zero or low-risk savings accounts and RRSPs are the safest place to grow a down payment.

Schedule your savings Once you’ve determined where to grow your nest egg, feed it with regular contributions. Budget an amount and pre-authorize weekly or monthly transfers from your chequing account to your savings account or TFSA. You can also schedule pre-authorized purchases of mutual funds or RRSP contributions.

Want to save even more? Look for account services that automatically transfer small amounts of cash from your chequing account to your savings account each time you use your bank card.

Saving that down payment will take discipline, but the payoff? Millions of homeowners agree: it’s worth it!

You make your own avocado toast. You skipped your buddies’ Vegas getaway. Heck, you’re walking to work this summer so you can tuck extra toonies into your piggy bank. If you’re taking your down payment that seriously, you deserve to watch it grow. Wondering where to incubate that nest egg until it’s ready to hatch?

Read on for an introduction to three popular options. Talk with a financial adviser or bank representative to determine which one(s) may be best for you and your #goals.

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FINANCING

Today’s first-time homebuyers want greener homes. Take energy efficiency: according to the 2017 Genworth Canada First-Time Homeownership Study, 72 per cent of first-time homebuyers consider it a top priority in their #firsthome. Read on for 10 features that give a house or condo a deeper shade of green.

specific home address), to ensure that public transit is a convenient green option.

4 LEED condo certification Green building design is gaining

traction in big cities across Canada, with developers eager to tout their eco-certifications. LEED certification is the gold standard in third-party green labelling, scoring buildings on a variety of criteria, including site selection, water and energy efficiency, materials and resource use, indoor environmental quality and design innovation.

5 A new-build house2 The average new-build home is

more energy efficient than an older one thanks to its energy systems, construction materials and superior “building envelope” (i.e., airtight, well-insulated, properly ventilated walls and roof). Older homes can be retrofitted, so don’t worry if you love century homes. If you want the greenest new home, look for an Energy Star-certified home, built by a government-recognized Energy Star® for New Homes builder.

6 High-efficiency heating and cooling systems

Space heating accounts for 63 per cent of Canadians’ home energy use. Pairing high-efficiency heating and cooling systems with a well-insulated, draft-free building envelope will shrink your carbon footprint and energy bill.

7 Energy Star appliances Energy Star-certified appliances

use less energy than conventional models, saving you money while boosting sustainability. Whether they

came with the home or you’re replacing energy-guzzling older models, energy-efficient appliances will make your kitchen and laundry room a cleaner green.

8 Energy-efficient lighting Look for energy-saving lighting,

indoors and out. Lighting fixtures should be compatible with CFL or LED bulbs. Bonus points if they use energy-saving dimmer switches. Outdoors, motion sensors or timers will ensure that flood lights are on as needed, not running all night, every night. Solar path or deck lights are fab energy misers: they’re off-grid and virtually maintenance free.

9 Wildlife-friendly outdoor space Green spaces promote human

physical and mental health. They’re crucial in reducing greenhouse gas emissions (such as CO2), providing habitat and travel corridors for wildlife, and increasing biodiversity. When choosing a property, consider land use (did a new development require the conversion of wildlands?), and look for features like parks, mature trees, a condo-building rooftop garden, or a garden with drought-resistant native plants to support pollinators, such as bees, butterflies and hummingbirds.

10 Environmentally friendly building materials

Reclaimed, salvaged and responsibly harvested building materials boost a home’s green-design cred. Whether you’re making selections while buying from blueprint or you’re planning to renovate a resale property, things like salvaged wood, recycled materials and FSC-certified hardwood flooring are solid – and stylish – choices.

S H O P P I N G F O R A

GREENER HOME

House Hunting

1 Location, location, location City living is greener living.1

Higher urban density reduces sprawl into agricultural and natural wildlands, promoting food security and reducing pressure on wildlife. Urban living also promotes smaller homes, often in shared spaces like condo buildings, which require less energy to heat and cool. City lifestyles tend to be less car dependent, too. Looking to live in the country? Consider adding solar panels, wind turbines or a food garden.

2 Walkability and bikeability The greenest commute is one

powered by human energy, rather

than fossil fuels or electricity. Whether in the city, suburbs or countryside, a home that’s within walking or cycling distance of work and daily activities is a huge CO2 saver. When home hunting, keep an eye open for sidewalks, bike lanes and a secure place to lock your bike.

3 Great public transit Public transit is more energy

efficient than driving: an occupied bus or train uses less fuel than a typical single-occupant car. But that’s irrelevant if you can’t access it without an epic hike, or if your route is slow and unreliable. Research what transit is like in your community (and for a

1 Learn more about why city living is greener at https://www.citylab.com/life/2012/04/why-bigger-cities-are-greener/863/ and https://www.thoughtco.com/environmentally-responsible-urban-or-rural-living-1203972² Natural Resources Canada. EnerGuide Rating System (Existing Homes). http://oee.nrcan.gc.ca/residential/personal/home-improvement/service/rating.cfm

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HOUSE HUNTING

Will buying your #firsthome in 2018 be harder?

Yes … but also no.

?

In January 2018, a new mortgage rule came into effect, mandating a stress test for prospective borrowers of conventional low-ratio, uninsured mortgages (mortgages with down payments of 20 per cent or more). The stress test is designed to ensure that borrowers can afford their mortgage payments even if interest rates increase, as they’ve done during 2017 and early 2018.

When applying for a mortgage, aspiring homebuyers will have to prove they can meet their payment obligations at an interest rate two per cent above the rate offered by their lender, or at the Bank of Canada five-year fixed rate (which at press time was 5.14 per cent), whichever is higher.

The stress test itself is nothing new. It was first introduced in 2016 and applied to those seeking qualification for high-ratio, insured mortgages (mortgages with a down payment of less than 20 per cent).

? Why was the stress test introduced?

The stress test was introduced in an effort to promote responsible homeownership. By factoring affordability right into the mortgage application process, federal regulators are hoping borrowers will be less likely to overextend themselves, putting their homes in jeopardy if interest rates rise.

? How does the stress test affect me?

In concrete terms, most applicants will qualify for a smaller mortgage. How much smaller? Expert estimates vary, ranging from a not-earth-

shaking loss of about $4,000 to a budget-changing $31,000.

Some aspiring first-time homebuyers will not be affected by this new mortgage rule, particularly those buying well below their means. Others may have to resign themselves to a smaller homebuying budget. Another group may have to take a break from house hunting and focus on saving for a larger down payment.

? What should I do now?

For one, focus on the positive. While the stress test introduces a new hurdle, it also promotes affordability, as interest rates are, in fact, rising. At press time, the Bank of Canada’s five-year fixed mortgage rate had risen above five per cent for the first time in four years – and some experts expect interest rates to continue their upward creep. When you qualify for a bank mortgage, you’ll have the peace of mind of knowing you’ve taken on a mortgage amount proven to be affordable over the long term.

In the meantime, all aspiring first-time homebuyers should continue building their nest eggs and saving aggressively toward a larger down payment.

Visit Homeownership.ca for interactive affordability calculators and tools that can help you determine how much mortgage is right for you.

NEW MORTGAGE STRESS TEST

W H A T D O E S I T M E A N F O R M E ?

The Buying Process

THE BUYING PROCESS

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Moving expenses can put an unexpected strain on your #firsthome budget. They are a significant closing costs line item, as much as $2,000 to $6,000, depending on your belongings, the distance and season of your move, and other variables. But cutting moving expenses can be relatively painless – if you do it right.

Saving with a discount mover can be risky. News reports and crowdsourced review sites often mention unscrupulous fly-by-night movers who scam budget-minded households by “holding belongings hostage” until you pay a higher than agreed price; steal, refuse to pay for

damaged goods, or even fail to show up on moving day.

Renting a truck or van and taking a DIY approach will save you big bucks – if you are willing to sweat and have some strong friends who can help. It’s considerably more stressful than hiring pros and, from a logistical perspective, best suited to small moves, such as to or from a studio or one bedroom condo or apartment.

But the most pain-free and effective method of cutting moving expenses may be one you haven’t considered: simply moving way less stuff.

Sack it and save

By purging a lot of your furniture and personal effects, you’ll cut down on moving expenses by doing the following:

› Having less property to move

› Paying less for packing services, if you go that route

› Reducing or eliminating the need for a storage facility rental

› Buying or renting fewer moving supplies

› Potentially earning extra cash (garage sale), which can be used to offset your moving expenses

Win-win-win, right? Start the downsizing well before your move, way before things get hectic.

Purge big for bigger savings

Start by assessing your furniture, especially the largest, heaviest items. Maybe you have a beautiful oversize sofa. Will it complement your sleek micro-condo? Will it even fit through the door? And if not, should you spend $150 per month to keep it in storage (because it probably won’t fit in your tiny condo locker)?

Unless something is a valuable or sentimental investment piece, a smart first-timer move might be to sell off as much furniture as possible. Your savings can offset the cost of new items chosen specifically for your new home.

TV sets are another purge-worthy item. Flat screen TVs can be finicky to pack and are easily damaged, making them a high-risk item to move. Why pay to move one, when you can sell it

and avoid the hassle? You can replace it later, or join the growing number of North Americans who stream their fave shows to a computer or mobile device instead.

Packing and sacking

When it comes to smaller items, such as countertop appliances, clothes, personal collections and other objects, if it’s been over a year since you’ve used something, you’re better off without it. Bye-bye, bread maker!

One of the most efficient ways to edit your belongings is to pick one space at a time – a bedroom, closet or bookcase, for instance – and go on a decluttering blitz. Work with three large bins or trash bags. Dedicate one for packing, one for selling/donating (gently used items) and one for recycling/trash (not so gently used items, damaged items).

Donating and selling have their own relative merits. Donating helps others while saving you time (drop off your donations and you’re done!). Selling offsets moving costs but takes time, whether you throw a yard sale or advertise your items online. Another route is trading. Popular cash-free trading sites can help you save money if you swap that old bread maker for someone else’s recently used moving supplies, for example.

Remember: The more you sack, the less you have to pack. Your net savings? Time, money, and moving day anxiety, too.

Finally, if you’re asking yourself “Should it stay or should it go?” err on the side of minimalism and let it go. Your new home will thank you.

CLOSING & MOVING IN

PACK IT O R SACK IT?Closing & Moving In

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#Trend 01: LOWER-MAINTENANCE GARDENS

If your idea of summer living is chilling in your yard, not toiling over it, low-effort landscaping is the way to go. Think: Next-gen faux turf that’s perfect for small spaces; drought-tolerant native plants that don’t have to be babied; bigger, thickly mulched garden beds that deter weeds and reduce watering; filling spaces with eye-catching statuary and found objects. Who says beauty requires hard work?

Effort level: Weekend update

#Trend 02: STELLAR LIGHTING

Extend your outdoor living by illuminating your yard. Well-planned yards generally boast a variety of lighting types, from path lights to area lights, deck lights to tree lights, and even outdoor chandeliers. But if that’s too much work, just hang string lights. They bring a nostalgic, cozy charm to any yard or deck, install in a flash and are the year’s hottest lighting #trend.

Effort level: Easy one hour fix to weekend update

#Trend 04: BLACK

The 1980s are back, baby! Expect to see this powerful hue on walls and accents in 2018. If you want to make a bold statement, consider a powder room with black tile or a stunningly printed wallpaper; pair it with trendy-again brass fixtures for even more impact. Powder rooms are a great place to experiment with #trends, since they are small and relatively inexpensive to decorate … and redecorate as the mood strikes! Other trendy places to use black? Framing windows and as a faucet finish.

Effort level: Weekend update

#Trend 05: ARCHITECTURAL ELEMENTS

Hit the salvage stores and flea markets in search of unique, time-worn architectural finds like beams, corbels, brackets and finials. Even old doors and windows can be upcycled with style. Depending on your budget and DIY capabilities, you could go big (bolt a vintage wooden door to the bedroom wall as a headboard) or small (add a couple of cast-iron finials to your mantel display). Either way, history is #hot this year.

Effort level: Easy one hour fix to Saturday-morning project

#Trend 03: EDIBLE GARDENS

Interest in food gardens is booming. (Who wouldn’t want to grow their own salad?) Best of all, you can embrace this #trend in the smallest outdoor space by trying container gardening. Container gardens are easy to set up and maintain and are great for backyards, front porches and even petite condo balconies. TIP: Tomatoes, peas, peppers and salad greens are among the most container-friendly veggies. And don’t forget herbs, too. Grow your plants densely and consider sticking to dwarf species, which maximize productivity but grow compactly.

Effort level: Saturday morning project

Bought your #firsthome? Now it’s time to feather your nest! As a first-time homebuyer, you may be strapped for time, money or both, but don’t worry, we’ve got you covered. We scoured the 2018 National Home Show to find five hot decorating #trends that will bring wow results to your #firsthome, without breaking the bank – or your back.

FIVE 2018 #TRENDS YOU’LL LOVE

01OUTDOOR #TREND

02OUTDOOR #TREND

03OUTDOOR #TREND

04Indoor #TREND

05Indoor #TREND

TOOLBOX

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It’s never too early to learn financial literacy. Likewise, it’s never too late for a fresh start. That’s why Genworth Canada is an enthusiastic sponsor of Eva’s, a Toronto non-profit delivering life changing programs to homeless youth.

“There are many young people ages 16 to 24 who are living on the streets of Toronto that came here from other regions, hoping to find work,” says Scott Galbraith, Genworth Canada’s Vice President, Business Development. “Unfortunately, when this doesn’t happen, they find themselves without family, without a home and without skills.”

Others may be fleeing domestic violence or other family difficulties. Eva’s offers homeless youth an opportunity to get off the streets and learn very important life skills, including literacy, budgeting and self-care.

Through the Genworth Canada Life Skills Education Centre and Eva’s Independent Living Program, young adults access education and training crucial to getting them on the road to self-sufficiency. The Independent Living Program provides homeless youth who are ready to make a change in their life a place to live while they are being taught a variety of skills, from cooking to budgeting, job hunting to interviewing, and even learning a skilled trade.

Practical financial literacy skills, such as understanding how loans and mortgages work, help youth

INVESTING IN YOUTH

strive toward long-term #goals like working, saving and planning for the future. Galbraith says Genworth Canada’s support of Eva’s aligns with its support of affordable homeownership and financial literacy. “With knowledge comes power: for homeless youth, it can help change their future,” he says. “It feels really good knowing we are helping to make an impact and enabling them to make a life change.”

To learn more about Eva’s, visit evas.ca.

With knowledge comes power : for homeless youth, it can help change their future.Scott Galbraith, Vice President, Business Development

COMMUNITY

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WHAT'S ONLINE

CROWDSOURCED TIPS FOR FIRST-TIME

HOMEBUYERSW E A S K E D O U R S O C I A L C O M M U N I T Y

“ W H A T T I P S W O U L D Y O U G I V E T O T O D A Y ' S F I R S T - T I M E H O M E B U Y E R S ? ”

- T H I S I S W H A T T H E Y S A I D .

F O L L O W U S O N

homeownership.ca/fb

@GenworthCanada

homeownership.ca/li

Wander the neighbourhood at different times of the day and talk to neighbours if possible.

- Marilyn L. -

Don’t buy bigger than you need or can

afford. Your first house is a stepping stone, in nearly all cases, and you shouldn’t make

yourself “house poor” by extending your

finances too far.- Adina H. -

For better or for worse, it’s important to identify

the things you cannot change about a home.

- Michael F. -

Always get

your own home

inspection, even if

the seller says it was

already inspected

by another

potential buyer.

- Ken S. -

Take your time and enjoy the process, inspect and

ask for records!- Christine D. -

Just because the bank approves a

mortgage level for you, doesn’t mean that’s what you

can afford. Look carefully at the amount you can actually afford

based on your own budget.- Tracy D. -

Test the plumbing by running the faucet in the tub and

flushing the toilet, then running the faucet in the sink.

- Linhy T. -

Source: Genworth Canada 2017 Tips for First-Time Homebuyers Facebook Contest

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THE GUIDE TOHOMEOWNERSHIP

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