Navigating Homeownership How Couples and Cultural Trends Shape the Housing Market

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Around one-quarter of mortgage applications are from single individuals, highlighting the prevalence of couples or groups pooling resources to enter the housing market. The necessity for multiple incomes or shared down payments to afford homes is driven by the high costs of real estate. This has led some couples to strategically delay formalizing their marriages to maximize first-time homebuyer incentives.

Cultural values also influence how couples approach real estate, with common-law partnerships particularly prevalent in Quebec and Nunavut. Many clients prefer to keep finances separate from their partners, and data shows that the majority of younger homeowners are married or in common-law relationships, where dual incomes significantly enhance their purchasing power in urban areas.

Personal touches, like letters to sellers, can help buyers stand out in competitive markets. For many, the decision of where to buy is shaped by real estate market dynamics, as was the case with Rosa Sasages, who moved from the city to Chilliwack. However, divorce remains a leading cause of unexpected defaults, underlining the importance of long-term financial and relationship planning for couples entering the housing market.

Read the full article on: REAL ESTATE MAGAZINE