Millennials face an inordinate amount of obstacles when it buying a home. In part, this is due to the huge student loan balance so many are currently carrying. In fact, over half of the millennials who attend college or university exit the experience saying that college it wasn’t worth the supposed pay-off. Now, Liberal leader and Prime Minister Justin Trudeau, with a federal election on the horizon, is sympathizing with the millennial cohort, who still want to somehow achieve the dream of home ownership.
For the millennial voters Justin Trudeau is targeting with this announcement, help may actually be on the way in high-priced housing markets, such as Toronto and Vancouver. Liberals plan to expand the First Time Home Buyer Incentive Program (FTHBI) in which the Canada Mortgage and Housing Corporation (CMHC) kick in up to 10 per cent of the purchase price of the home. But this is only if the borrower is able to come up with the minimum amount needed for an insured mortgage. That amount is currently set at 5 per cent.
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