Is the Canadian real estate market a mountain to climb? For a lot of young professionals who are first-time homebuyers, getting into the housing market can be a challenge, whether it’s saving up enough money for a down payment, finding the right home or securing a mortgage in order to buy it.

From tighter mortgage lending standards to higher interest rates, there is a lot to learn for the current crop of first-time homebuyers, and we’re here to help with this simplified guide to securing a mortgage for the first time.

The First-Time Homebuyer’s Guide to Securing a Mortgage

If you’re a first-time homebuyer, where do you even begin when applying for a mortgage? Let’s start with the basics.

Ensure You Have A Sufficient…

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The latest data from the Canadian Real Estate Association (CREA) shows the actual average Canadian home price hit a record $748,450 in January 2022, up 21% from the same month last year.

On a month-over-month basis, national home sales edged up 1%, yet the number of newly listed properties dropped 11% from December, helping to create some of the tightest market conditions ever recorded.

The sales-to-new listings ratio rocketed from 78.7% in December to 89.4% in January—to put this into perspective, the long-term average is 55%.

While January 2022 home sales were 10.7% lower compared to this time last year, it’s still the second-highest level on record for that month.

“The ideal situation between now and the summer would be that a huge…

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