Banks are much tighter right now than I have experienced in several years. Insurers are also extremely tight. Ive had 2 deals rejected by CMHC for little to no legitimate reason.
I also agree with Pylons previous statement.
Rewind the clock several years - if you are a single guy/girl and more focused on a financially secure future than getting married:
Buy property based on value and not falling in love with 5% down. Live for a year and you are real close to having 20% equity in payments and appreciation. Move on and buy another based on the same criteria. You only need 5% again. Ffwd to today and you could have a few properties in your portfolio before the age of 30. Not a bad start to retirement.
Of course you could have saved up for 20% on the first property but the extra time it took to develop that 20% would set most people behind the ball.
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