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Originally Posted by chedder
It is going to be tough but they don't need a 20% down payment. With mortgage insurance you can buy with as little as 5% down. Exactly the same as I did many moons ago.
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Encouraging people to put less down, during a housing crunch with uncertain interest rates and a potential crash in the future is not a good idea. Buying a home shouldn't be as big of a risk as it is.
Quote:
Originally Posted by chedder
I think you'll see a lot more condos and row houses as first homes which,in my opinion, is fine. Is that really any worse than my 750 square foot hundred year old dump that I bought as a first home?
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Yes. Attached properties, generally, don't appreciate in value at the same rate as detaches ones. Making the jump from crappy house to nicer house is much easier than from attached unit to detached unit. Many Canadian cities lack adequate supply of liveable townhouses, aka the "Missing Middle".