TODAY'S FIRST TIME HOMEBUYING EXPERIENCE - Coast To Coast Snapshots PDF

SPRING/SUMMER
2016
N
DIGITAL VERSIO
AVAILABLE AT: CA
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HOMEOWNERS
TODAYS
FIRST-TIME
HOMEBUYING
EXPERIENCE
coast - to - coast snapshots
LOCATION, LOCATION,
FINANCING.
Homebuyer 95 program | For Canadians looking
to make the move to homeownership, the Genworth
Canada Homebuyer 95 mortgage Insurance program
provides qualified borrowers with an opportunity to
own a home with as little as a 5% down payment.
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learn more about Genworth Canadas
Homebuyer 95 program:
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04
FEATURE STORY: TODAYS

FIRST-TIME HOMEBUYING
EXPERIENCE
Coast-to-coast snapshots
22
Cover Photos: iStock.com/RonTech2000 & Arpad Benedek
SHARED EXPERIENCES
Mortgage professionals
share their steps to
homeownership.
SPRING STARTS HERE!

Thinking of buying a home and not sure where to
start; what to buy; how much to spend; or who to
hire for professional advice?
In this issue of A Better Way to Home Ownership,
well get you started on the right foot with
practical insights into first-time homebuying
experiences across the country. We reached out
to new homebuyers and seasoned mortgage
professionals from coast to coast for their lessons
learned and best advice to help you make the right
personal and financial choices.
For each region we also provide a snapshot of
housing market statistics based on what the
average Genworth Canada insured borrower
purchased in 2015. And for those not sure where to
settle in Canada, read on to see what $320,000 can
buy you in different cities across the country.
To make your house hunting experience
even easier, sign up for our newsletter at
homeownership.ca and receive a practical checklist
to keep you on top of some of the most important
things to consider when shopping for your first
home.
And for more shared best practices and
professional advice, follow us on Facebook and
LinkedIn and join the homebuying conversation.
Were here to help.
Happy house hunting!
Debbie McPherson
Senior Vice-President, Sales & Marketing,
Genworth Canada
Produced by:
GENWORTH CANADA SPRING/SUMMER 2016 3
TODAYS FIRST-TIME
HOMEBUYING EXPERIENCE
coast - to - coast snapshots
Canadas average first-time homebuyer is a millennial born between 1980 and

1995. In 2015, the typical Genworth Canada-insured borrower spent an average
of $321,982 and made a down payment of just over 8% of the purchase
price. These mainly first-time buyers, earned an average household income of
$96,414 and the vast majority (72.2%) purchased a detached house.* Thats a
composite of todays first-time homebuyer. It paints a picture, but it leaves out a
lot of detail about the dreams, ambitions and hard work that go into the typical
Canadians path to homeownership.
*Source: Genworth Canada 2015 New Insurance Written purchase business only.
4 GENWORTH CANADA SPRING/SUMMER 2016
So we decided to dig deeper. We asked homeowners and real estate

experts across the country to share their experiences and expertise, to
inspire and motivate other first-timers as they embark on the biggest
investment of their lives. We also share Genworth Canada statistics on key
real estate markets, as well as examples of what the typical first-timer budget
will buy you in certain markets. Ready to learn more? Read on for snapshots
of todays first-timer journey.
BRITISH
COLUMBIA
AT A GLANCE
TYPE OF PROPERTY
Average Home
Purchase Price:
$387,957
(GVA: $429,803)
Average Down
Payment:
8.6%
(GVA: 8.7%)
Average Household
Income:
$103,026
(GVA: $103,468)
Condo:
15.3% (GVA: 23.8%)
Detached:
68.3% (GVA: 53.2%)
Row:
14.1% (GVA: 21.4%)
Semi:
2.1% (GVA: 1.7%)
Source: Genworth Canada 2015 New Insurance Written purchase business only.
WE WON A
BIDDING WAR!
Jenna and Luke Filiatrault were ready.
Now married, the then engaged
couple were looking for their first
home. But they knew theyd have
to weather some high-adrenaline,
multiple-offer scenarios to get into their
desired neighbourhood in Langley,
British Columbia.
Working with mortgage broker Angela
Calla of Dominion Lending Centres and
REALTOR Rob Boies of Royal LePage
West Real Estate Services, Jenna and
Luke got down to the nitty-gritty. We
had a strategy to keep our emotions
out of it, says Jenna. [Before bidding
on a house,] we would check with
Angela to ensure there wouldnt be any
surprises with our pre-approval and to
ensure it was still affordable. Then, after

consulting with Rob, we put our best
offer forward.
Things didnt always go as planned.
It was so emotional! explains Jenna.
Rob and Angela helped when I
would cry because we lost a house, or
when I was stressed and calling them
with questions.
Eventually, the Filiatraults put in the
winning offer on a detached house in
their chosen neighbourhood. When
we did get the house of our dreams,
we got it for a fair price, says Jenna.
Angela and Rob helped us understand
that no house was worth not being
[financially] comfortable or paying over
our price range. The couple have been
in their house for several months and
couldnt be happier!
MY HUSBAND AND
I BOUGHT A HOUSE
WITH MY PARENTS AND
WE DONT DRIVE ONE
ANOTHER NUTS!
Tammy and Ian Johnson were living
the life in a cool downtown Vancouver
apartment. But, like many renters,
they craved more space. Meanwhile,
Tammys parents, Roger and Rodlynn
Cheetham, were having a dilemma of
their own.
They were recently retired and
considering renting out their
basement, says Tammy. They werent
thrilled about having a stranger in
their home but felt they needed the
extra income.
Their daughter had a better idea: she
and Ian could be tenants. After a year,
things were working out better than
wed hoped, says Tammy.
Wanting to expand their home-based
business and start their own family
Tammy and Ian approached her parents
with another proposal: to co-purchase
a larger home with separate units for
each household. Being self-employed,
Ian and I would have never been able
to afford the down payment required
to buy our own home in the Vancouver
area, explains Tammy.
After months of searching, the foursome
found the perfect house in Abbotsford,
British Columbia. Purchasing a home
with my parents allowed us to own a
beautiful home with more space than
either family had previously, says
Tammy. Its also allowed all of us to pay
off our other debt.
Teaming up meant that they would
split the total shared cost of $500,000

($430,000 for the purchase price, plus
$70,000 to put in the full basement
suite and do other renovations). To
avoid the hassle of monthly payments,
Tammys parents used funds from the
sale of their home to cover the reno
and the $180,000 down payment.
Meanwhile, Tammy and Ian took
out a mortgage for the remaining
$250,000; thanks to the larger down
payment, they can easily afford their
monthly payments.
Communication, collaboration and
respect for one anothers privacy are
the keys to successful co-ownership,
says Tammy. If someone had told
me that Id own a place with my
parents in Abbotsford, Id never have
believed them. But here we are and
its amazing!
WHAT
320,000
BUYS IN VANCOUVER**
CONDO
LIST PRICE: $319,000

A one-bedroom, one-bath corner unit, this
downtown condo features floor-to-ceiling
windows. The 527-square-foot home has newer
laminate and tile flooring. The building boasts
an indoor pool and exercise centre. Includes
parking and a locker. Rentals are allowed for
buyers seeking an income property.
Listing agent: Century 21 In Town Realty
**Home may no longer be available, but was for sale as of press
time, and is used to illustrate variety in the local real estate market.
*** Images are representational only.
ALBERTA
AT A GLANCE
TYPE OF PROPERTY
Average Home
Purchase Price:
$378,899
(GCA: $417,389)
Average Down
Payment:
7.5%
(GCA: 7.8%)
Average Household
Income:
$110,883
(GCA: $109,659)
Condo:
7.2%
Detached:
79.2% (GCA: 67.6%)
Row:
7.8% (GCA: 12.1%)
Semi:
5.7% (GCA: 6.9%)
(GCA: 13.4%)
CALGARY CATCHES
THE MICRO-LOFT TREND
Could you live large in under 600
square feet? Increasing numbers
of first-time buyers say its not only
possible, its desirable if the space
is laid out right and close to all the
action. We asked Christine Hourd,
a REALTOR with Royal LePage
Benchmark, for the scoop on the
citys growing micro-loft trend.
Q: Whos the ideal micro-loft resident?
A: The ideal buyer is someone just
starting out in homeownership
someone who doesnt have a lot of
stuff, and who has that urge to travel
and wants to keep home expenses
low so they can spend more time
snowboarding or just hanging out

with friends.
Q: Wheres the trend strongest in
Calgary?
A: The East Village. Its a well-planned
community that promotes a livelier
environment. It speaks to people
who seek a little more adventure in
their life. Already, this up-and-coming
development along the river has
amazing bike paths and even water
fountains for dogs! Once complete,
it will have all the amenities it needs
to support itself, plus a music hall and
a library.
Q: Any tips for those considering a
micro-loft?
A: Consider this a part of your longterm real estate plan. Start with
something simple and low cost.
During the next few years, create equity

in your micro-loft, and then when youre
ready to move on to something bigger,
hold on to it and rent it. Having this
diversity in your investment portfolio
adds much security down the road.
Calgarys condo market. Between open

houses and online listings, would it be
possible to buy their first home without
hiring a real estate agent? Maybe, but
both Lindsay and Dan say that hiring a
pro was the right decision. Heres why.
WHY WE CHOSE A REAL

ESTATE PRO
EXPERTISE We had spent time

researching online before approaching
Darcy Brown, a REALTOR with
RE/MAX iREALTY INNOVATIONS. But
he took everything to the next level,
says Lindsay. He immediately realized
what we both wanted in a home, and he
was able to add important insight into
each listing we had researched, and
also recommend others we had missed.
We went from just looking at pictures
of listings to doing full walk-throughs
in no time. The new homeowners also
say that the unflappable personality
of their REALTOR put them at ease
during crucial times in their search.
Even though Lindsay Thompson

and Dan Wallace had spent almost
four years saving for their 10% down
payment (taking advantage of their
employers long-term incentives and
the federal governments Home Buyers
Plan for first-time homeowners), they
were a little nervous about entering
WHAT
320,000
BUYS IN CALGARY**
CONDO

This two-bedroom, two-bath end unit on the
top floor of a low-rise feels bright and spacious
thanks to an open-concept floor plan, vaulted
ceiling and large windows that overlook Pearce
Estate Park in the Inglewood neighbourhood.
At 890 square feet, the home features a
breakfast bar and gas fireplace. The balcony
has a gas barbecue hookup. Includes storage
and heated parking, plus the buildings gym,
recreation room and Internet.
Listing agent: Tim Olynik, REALTOR,
and Foat and Associates, REALTOR,
Century 21 Summit Realty
TRUST Dans mom and sister each

had a great experience working with
Darcy, says Lindsay. That made the
couples confidence in their REALTOR
immediate. When searching for a
real estate pro, be sure to ask your
friends, family or professional circle
for recommendations. Its the best way
to find a REALTOR or sales agent
you trust.
RESULTS As first-time homebuyers,
we were a little nervous, says Dan. But
Darcy quickly put our minds at ease.
There were stressful moments for us
throughout the process, but having
an experienced REALTOR who knew
the ropes was a calming presence.
We were constantly impressed at how
our REALTOR always had a plan, no
matter what situation developed, and
he clearly explained what the next steps
were. The couple have now been living
in their condo for over a year and are
confident they made the right choice.
PRAIRIES
AT A GLANCE
TYPE OF PROPERTY
Average Home
Purchase Price:
$276,397
Average Down
Payment:
7.2%
Average Household
Income:
$90,601
Condo:
4.5%
Detached:
87.2%
Row:
5.7%
Semi:
2.4%
NEW TRENDS IN
SASKATOON REAL ESTATE
Wondering whats new in the
Saskatoon real estate market? We
were too! So we asked Brandon
Moore, owner of real estate
marketing firm Black Dog Republic
and a REALTOR with Royal LePage
Vidorra, for the lowdown on the firsttimer scene in his hometown.
Q: First-time buyers in the Prairie
provinces favour detached homes, but
is there some variety in this demand?
A: Actually, the condo lifestyle is a good

fit for many first-time homebuyers.
Theres a robust inventory of condo
options for first-time buyers to choose
from; however, theres an increasing
segment of first-time consumers
purchasing new detached homes with
fully completed, legal basement suites.
Paying a full mortgage on a singlefamily dwelling can be out of reach for
the first-time buyer, and builders are
starting to accommodate this segment
with the suited option. Banks consider
the income generated from the legal
suites when approving a prospective
purchasers mortgage. That allows the
WHAT
320,000
BUYS IN SASKATOON**
first-time buyer to extend their credit

reach a little more than they could have
without the income-generating option.
Q: What are the top three
neighbourhoods youd recommend
for the first-time buyer looking
in Saskatoon?
A: Rosewood is a new neighbourhood
thats very family friendly. Families will
find lots of living options, no matter
their budget. Riversdale is definitely the
up-and-coming hipster part of town.
And City Park is a neighbourhood close
to the city core, with some great entrylevel buys if youre not afraid to get your
hands dirty.
DETACHED

This four-bedroom, two-bath, 1,036-squarefoot bungalow in the Pacific Heights
neighbourhood features a spacious living
room and a bright kitchen that opens to the
dining area. The large family/games room is
plumbed for a wet bar. Updates include newer
laminate flooring, front windows, outside
doors and siding, plus a new furnace.
Listing agent: Helen Hyde, REALTOR, and Brad
Hyde, REALTOR, Royal LePage Hallmark
WINNIPEGS SLOW AND STEADY MARKET

WINS THE RACE
Known for its steady real estate
market, Winnipeg has some of the
most affordably priced homes in the
country. Jeff Sparrow, a mortgage
broker with Castle Mortgage Group,
tells us whats attracting first-time
homebuyers in the city.
Q: How are first-time buyers navigating
the market?
A: First-time homebuyers tend to be
younger and are doing a lot of research
online, but they still want to sit down
WHAT
320,000
BUYS IN WINNIPEG**
DETACHED

A five-bedroom, four-bath, 1,860-squarefoot detached house located in the Wolseley
neighbourhood. The century home has updated
electrical and mechanics, as well as a newer
high-efficiency furnace and central air. Theres
plenty of original woodwork, hardwood floors
and a double detached garage.
Listing agent: Marcia Bergen, REALTOR,
Century 21 Bachman & Associates
with a mortgage broker to take them

through the whole process from
what to expect when viewing homes
to what mortgage insurance is so
they are comfortable before they start
looking. I encourage them to ask
questions throughout the homebuying
process. The education part is a
holistic approach.
Q: Theres a high demand for rental
properties in Winnipeg. Why?
A: Our market is extremely stable. Were
the tortoise in the race: we like slow
and steady growth. Although the cost
of a rental property can be half the cost
of a similar property elsewhere in the
country, we can collect the same rent,
so its very affordable for a family to buy
a duplex. Theres a strong inventory of
duplexes and triplexes all across the
city. A good area is St. Boniface it has a
lot of duplexes and is only a 15-minute
walk to downtown.
neighbourhoods for first-time buyers?
A: Winnipeg is a neighbourhood-based
city, yet its geographically spread out,
so that drive to work is a bear. Firsttime buyers usually look for a home
that is affordable and close to a lot of
amenities and work. St. James, North
Kildonan and St. Vital are mature
neighbourhoods with big trees and
plenty of parkland, plus a lot of schools
and well-built, affordable homes. Those
areas are undergoing revitalization as
kids who grew up there are moving
back, buying their first home and
starting a family.
ONTARIO
AT A GLANCE
TYPE OF PROPERTY
Average Home
Purchase Price:
$277,340
(GTA: $458,060)
Average Down
Payment:
8.3%
(GTA: 10.2%)
Average Household
Income:
$90,922
(GTA: $105,678)
Condo:
2.6%
Detached:
81.1% (GTA: 48.2%)
Row:
10.7% (GTA: 18.6%)
Semi:
5.5% (GTA: 16.6%)
(GTA: 16.6%)
WHAT
320,000
BUYS IN TORONTO**
CONDO

Boasting a spacious 200-square-foot terrace,
this one-bedroom, one-bath condo is within
walking distance of the downtown waterfront.
The home features central air conditioning,
full-height windows and a nine-foot ceiling.
Building amenities include a 24-hour
concierge, rooftop lounge, theatre, gym,
billiards, party lounges and kitchen facilities.
Listing agent: Century 21 Atria Realty
BUILDING THE DREAM

IN THE GTA
With more developments being built
in Greater Toronto Area communities,
more buyers are looking beyond
Torontos city limits for their first
home. Don Stoddart, a mortgage
broker with Key Mortgage Partners in
Brampton, Ontario, explains why.
Q: How have GTA first-time
homebuyers changed?
A: In the past, people graduated and
bought a house. These days, people
graduate, become gainfully employed,
and then they buy. Younger, dualincome couples without kids are buying
in the core because it suits their lifestyle,
but families look outside the city to
purchase a home with more space. Also,
first-time buyers who are saving for a

down payment on their own, without
help from family, are more apt to buy
outside because of affordability.
Q: What else is attracting them outside
the core?
A: Theres a limited amount of growth
in the city, so if youre looking for a new
home and a lot of space, youre going
to leave the core. Theres also more
and more development throughout the
GTA, and as companies move to the
smaller communities outside Toronto,
people will follow because the costs of
living and housing are lower. Plus, they
will only go so far for work distance
and transportation costs dictate where
you can afford to buy. But as long as
people have access to transportation
into the city, they are fine looking farther
and farther outside.
One of those bedroom communities
thats growing greatly is Bradford.
The development is unbelievable!
Families started moving there because
of the lower cost of housing within an
hours drive of Toronto. That migration
created a population boom, which
created demand. And that led to the
development of the infrastructure to
support that growth.
Vaughan is doing it differently.
Its building the towers to attract
businesses to a manufactured
downtown core that its developing
on vacant land. Its also implementing
transportation by building its own rapid
transit system. What Vaughan is doing
is ingenious because it is first building
the industry and that will attract the
people. Build it, and the homeowners
will come!
WHY ST. CATHARINES

ROCKS
As first-time buyers in the Greater
Toronto Area expand their house
hunting beyond mid-gentrification
Hamilton into the Niagara Region,
St. Catharines is the next great
find. Michael Mazzolino, a broker
with RE/MAX Garden City Realty,
explains why Niagaras largest city is
emerging as a GTA alternative worth
considering.
Q: St. Catharines is on the upswing.
Whats attracting buyers from across
the GTA?
A: On one side, we have Niagara Falls
with its casinos; on the other, we have
WHAT
320,000
BUYS IN ST. CATHARINES**
DETACHED

A fully renovated four-bedroom, two-bath,
two-storey detached house located in the north
end. The 2,200-square-foot home features
hardwood floors throughout, and updates
include a new roof, furnace and central air,
plus newer vinyl windows. Sliding doors off the
main floor open to a large backyard that boasts
a covered deck.
Listing agent: Joulia Tropinina,
sales representative,
Royal LePage Niagara Real Estate Centre
Niagara-on-the-Lake with its historical

charm and tourist draws. We are
perched on the Niagara Escarpment,
a UNESCO World Biosphere Reserve,
and the shores of Lake Ontario and
Port Dalhousie, just across the lake from
Toronto, with views of the CN Tower.
And in the very heart? Downtown
St. Catharines!
The FirstOntario Performing Arts Centre
is world class, with four breathtaking
theatres that accommodate the Niagara
Symphony Orchestra, ballets and
countless other performing and visual
arts. Its construction was the game
changer for St. Catharines. We also have
pedestrian- and cyclist-friendly streets,
new restaurant patios and terraces,
and city plans to widen the sidewalks
and create a civic square. Montebello
Park was designed by the landscape
architect who master-planned Central
Park in New York City! St. Catharines
also has an amazing culinary scene, a
local wine route and a great marina to
sail out of, and I honestly think the best
is yet to come.
neighbourhoods for first-time buyers?
A: For families, the north end. I grew up
in the north end, and I think its a good
spot to establish roots. For arts lovers,
Old Glenridge, a great residential

neighbourhood right on the cusp of
our thriving downtown. And in the
York Street and Henry Street areas,
you can get a downtown feel for much
less money. These neighbourhoods
are definitely experiencing
new gentrification.
HOW TO SUCCEED AT
LONG-DISTANCE HOUSE
HUNTING
Q: Logistically, whats the best way to
look at distant properties?
A: Have your REALTOR set you up
to receive automated emails with
detailed listings that fit your criteria
the moment the listings come on
the market. When a property that fits
your criteria is sent to you, ask your
REALTOR to preview the home on
your behalf and FaceTime/Skype the
home with you while they walk through,
making the experience interactive. They
should also be able to send you a video
of the property if the listing agent has
completed one. Have fun online and
explore what is out there!
GENWORTH CANADA SPRING 2016 15
QUEBEC
AT A GLANCE
TYPE OF PROPERTY
Average Home
Purchase Price:
$245,407
(GMA: $278,468)
Average Down
Payment:
8.6%
(GMA: 8.6%)
Average Household
Income:
$82,889
(GMA: $86,115)
Condo:
14.9% (GMA: 22.2%)
Detached:
66.4% (GMA: 58.8%)
Row:
3.7% (GMA: 4.2%)
Semi:
14.9% (GMA: 14.8%)
WHATS HOT IN
MONTREAL REAL ESTATE
Wondering whats buzz-worthy in
Montreals first-timer real estate
market? We got the lowdown from
certified real estate broker Nick
Dimakis of Royal LePage Classic in
Laval, Quebec.
Q: Whats the top family-oriented
community for first-time buyers?
A: Laval has always been the up-andcoming suburb that every family set
their eyes on when it came time to buy
their first home. Its very affordable

and a stones throw from Montreal.
Chomedey is considered the heart of
Laval, with houses and condos at any
price point. Families love it for the large
lots, the homes square footage and the
proximity to parks and activity centres.
Singles and couples love it for its
shopping, nightlife and restaurants.
Q: What about for hipsters seeking a
vibrant arts and culture scene?
A: Rosemont is a trendy Montreal
location. Its mostly duplexes built in
the early and mid-1900s, as well as
industrial builds that developers are
WHAT
320,000
BUYS IN MONTREAL**
converting into modern industrial-style
condos. When you walk out of your
door, you are in the middle of the art
scene, restaurants and everything that is
entertainment. Young professionals love
it for its combination of work and play.
Youre very close to downtown, and its
an excellent value.
Q: And for those seeking a budgetfriendly steal?
A: Nouveau St-Laurent is an affordable,
entry-level community. Its suburban
living in the city, with condos,
townhouses and detached homes.
Development in this area started
in early 2000 and hasnt stopped.
And youre only a 15-minute drive
from everywhere.
DETACHED

This four-bedroom, two-bath bungalow boasts
a huge lot with an above-ground pool and
two-level deck, ideal for kids and outdoor
living. The midcentury home features an
updated kitchen, bathrooms and windows,
plus hardwood floors throughout. The finished
basement has a wood-burning stove. Excludes
the fridge, washer and dryer.
Listing agent: Bahador Abadi, residential real
estate broker, and Ramin Rafeyan, certified real
estate broker, Century 21 Immo-Plus
ATLANTIC
AT A GLANCE
TYPE OF PROPERTY
Average Home
Purchase Price:
$214,586
Average Down
Payment:
7.7%
Average Household
Income:
$88,819
Condo:
1.4%
Detached:
90.6%
Row:
2.3%
Semi:
5.5%
WHAT
320,000
BUYS IN HALIFAX**
DETACHED

This three-bedroom, two-bath bungalow
boasts a beautifully landscaped front yard, plus
hardwood floors throughout. The 1,746-squarefoot home has a bright, spacious living room
with a propane fireplace. The elevated deck is
perfect for alfresco dining, and the main floor
has an extra bedroom, office or den.
Listing agent: Carolyn Davis Stewart,
REALTOR, Royal LePage Atlantic
WHAT
320,000
BUYS IN FREDERICTON**
DETACHED

A four-bedroom, two-bath executive bungalow
in the Hartts Island Estates development, this
home features a layout designed with feng shui
principles in mind. The home has hardwood
throughout, and the living room leads to a
spacious deck for outdoor entertaining. The
roomy basement walks out to the backyard and
has a playroom or man cave.
Listing agent: Jessie Yerxa, REALTOR, and
John Yerxa, REALTOR, Exit Realty Advantage
WHAT
320,000
BUYS IN CHARLOTTETOWN**
DETACHED

A six-bedroom, two-bath, ranch-style house in
Brighton. The 2,694-square-foot brick home
has hardwood floors, is on a quiet street and
has a large patio designed for entertaining in
the spacious backyard.
Listing agent: Joe Lisi, REALTOR,
Century 21 Colonial Realty
WHAT
320,000
BUYS IN ST. JOHNS**
ROWHOUSE
A two-apartment, three-storey rowhouse that

allows first-time homebuyers to live in one unit
while subsidizing their mortgage by renting
out the other unit. The main-floor apartment
has an expansive living space, with a fireplace
that divides the living and dining areas. The
2,100-square-foot home is renovated and has a
mix of carpet, laminate and tile flooring.
Listing agent: Century 21 Sellers Choice
HALIFAXS HOTTEST
NEIGHBOURHOODS
The Halifax Peninsula is the
most in-demand place to live in
Halifax, says Jeremiah Wallace, a
REALTOR with ViewPoint Realty.
We asked Jeremiah, who blogs at
halifaxrealestateblog.ca, for insider
info on which neighbourhoods firsttime homebuyers should check out.
BEST FOR FAMILIES Families are

usually looking for proximity to work,
recreation, shopping and great
schools, says Jeremiah. For those who
work in Halifax or in the area west of the
Bedford Basin, Jeremiah recommends
North End. For those seeking an
affordable area with plenty of room to
sprawl, he suggests Hammonds Plains
and the communities of Timberlea
and Beechville.
BEST FOR HIPSTERS Try West End, a

neighbourhood on the western side of
the peninsula, for unique homes in a
vibrant community thats within walking
distance of trendy shops, coffee bars,
parks and restaurants, says Jeremiah.
Properties here encapsulate the
original character and history of our city,
but theyve been updated with artisan
touches and modern conveniences.
BEST FOR SMALL BUDGETS For

a great deal on a new home, theres
a development in Spryfield called
Governors Brook, says Jeremiah. It
has townhouses, semi-detached and
fully detached homes at affordable
prices. For good deals closer to the
city, Fairview has started to undergo a
transformation. Its attracting buyers not
afraid to put in a little sweat equity into
their first home.
GENWORTH CANADA
FIRST-TIME HOMEBUYERS VIDEO SERIES
Follow a Canadian couple as they navigate the real estate market in our Own Sweet
Home video series! Join Adam and Sarah as they shop for a mortgage, house hunt
and close the deal on their dream home. Share the excitement while gaining realworld insights for your own real estate goals.
Watch Own Sweet Home at
Homeownership.ca/OwnSweetHome.
shared
experiences
BECOMING A HOMEOWNER FOR THE FIRST TIME IS AN EXPERIENCE

FILLED WITH PRIDE, EMOTION AND LIFE LESSONS. HERES WHAT
MORTGAGE PROFESSIONALS SAID ABOUT THEIR OWN FIRST-TIME
HOMEBUYING EXPERIENCES.
We were pre-approved with a bank and wrote an offer (lucky the realtor told us to
write subject to financing in). When we went in to the bank with the accepted offer
the bank took the usual 2 weeks to get back to us with a decline. The person had
made a mistake. Luckily the receptionist in my office was married to a mortgage
broker and set us up with him. He came to our house for the application and then
when we were approved he came again for document signing. I was so impressed I
decided I wanted to become a mortgage broker...and I did...True story!
- Deborah Lewis Fehr
We bought our first house and paid $40,000 for it because back then we were
investing in GICs at 16.75% while we lived with parents. Mortgage interest rates
were 18% and we decided to make our first house purchase without a mortgage.
Everything is very different today when you look at very high property prices and
very low mortgage rates and GICs saving rates are nothing to talk about.
- Laurent Charbonneau
"I remember tromping around for 2 weeks and looked at a dozen places. When we
pulled into the driveway of the one I bought I said to my Realtor...this is the one...I
wasn't even out of the car yet, it was and I've lived in my home for 15 years now and
still love it!"
- Joy Caravello
"I remember buying my 1st property like it was yesterday. I was nervous, scared
and excited at the same time. I was 19 years old and had saved enough for a down
payment. My father was acting as my buyers agent. I fell in love with the 1st condo
that I looked at mostly because of the beach location. I was very happy there for
many years and feel extremely lucky that I got into the market when I did..."
- Michelle Perreault
"When I bought my first property, the 5-year, fixed-rate mortgage was 5.29%.
My Dad told me, "Take the 10-year at 6.99%. Rates will never be this low again!"
Did we ever think we'd see 2.59%? You learn a LOT from your first purchase, and
those lessons - both good and bad, help you to move forward and evaluate future
purchases. The most important lesson I've ever learned is "change." The market,
and everything in it, is constantly changing. Rates change. Prices change. Areas
change. Styles change. Incomes change. Market climate changes. The process of
buying and selling changes. You need to keep up with all the changes, or risk being
caught off-guard when it's your turn to jump back into the market."
- David Fleming
http://www.homeownership.ca
THE GUIDE TO
HOMEOWNERSHIP
The journey to Homeownership is filled with excitement,
challenges and choices. Wherever you are on that journey,
we can help you to achieve the dream of homeownership
with expert resources and tools at each step.
House Hunting Checklist

The indispensable tool for your
homebuying journey!
Download at:
www.homeownership.ca/checklist
800.511.8888 | Genworth.ca | Homeownership.ca |
Genworthsmartshopper.ca

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TODAY'S FIRST TIME HOMEBUYING EXPERIENCE - Coast To Coast Snapshots PDF

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SPRING/SUMMER

coast - to - coast snapshots

Watch the HomeOpeners video series and

800.511.8888 | Genworth.ca | Homeownership.ca |

FEATURE STORY: TODAYS

Cover Photos: iStock.com/RonTech2000 & Arpad Benedek

SPRING STARTS HERE!

GENWORTH CANADA SPRING/SUMMER 2016 3

Canadas average first-time homebuyer is a millennial born between 1980 and

4 GENWORTH CANADA SPRING/SUMMER 2016

So we decided to dig deeper. We asked homeowners and real estate

GENWORTH CANADA SPRING/SUMMER 2016 5

15.3% (GVA: 23.8%)

68.3% (GVA: 53.2%)

14.1% (GVA: 21.4%)

2.1% (GVA: 1.7%)

ensure it was still affordable. Then, after

split the total shared cost of $500,000

LIST PRICE: $319,000

GENWORTH CANADA SPRING/SUMMER 2016 7

79.2% (GCA: 67.6%)

7.8% (GCA: 12.1%)

5.7% (GCA: 6.9%)

snowboarding or just hanging out

During the next few years, create equity

Calgarys condo market. Between open

WHY WE CHOSE A REAL

EXPERTISE We had spent time

Even though Lindsay Thompson

LIST PRICE: $319,900

TRUST Dans mom and sister each

GENWORTH CANADA SPRING/SUMMER 2016 9

A: Actually, the condo lifestyle is a good

first-time buyer to extend their credit

LIST PRICE: $319,900

GENWORTH CANADA SPRING/SUMMER 2016 11

WINNIPEGS SLOW AND STEADY MARKET

LIST PRICE: $319,900

12 GENWORTH CANADA SPRING/SUMMER 2016

with a mortgage broker to take them

81.1% (GTA: 48.2%)

10.7% (GTA: 18.6%)

5.5% (GTA: 16.6%)

LIST PRICE: $318,000

BUILDING THE DREAM

first-time buyers who are saving for a

WHY ST. CATHARINES

BUYS IN ST. CATHARINES**

LIST PRICE: $319,900

14 GENWORTH CANADA SPRING/SUMMER 2016

Niagara-on-the-Lake with its historical

Old Glenridge, a great residential

GENWORTH CANADA SPRING 2016 15

14.9% (GMA: 22.2%)

66.4% (GMA: 58.8%)

3.7% (GMA: 4.2%)

14.9% (GMA: 14.8%)

their first home. Its very affordable

LIST PRICE: $309,900

GENWORTH CANADA SPRING/SUMMER 2016 17

LIST PRICE: $318,900

18 GENWORTH CANADA SPRING/SUMMER 2016

LIST PRICE: $309,900