Many parents have wanted to help their children financially buy their first home but in some cases it still wasn't enough for a downpayment.
Real estate prices have remained stubbornly high and the dream of owning a home has been pushed out further and further with stricter qualifying guidelines being enforced. The higher prices driving the higher downpayment, sidelining potential buyers who weren't quite ready for the financial commitment homeownership demands.
The spring selling season that typically kicks into gear in March has clearly stalled due to the pandemic. Homes sales have cratered and prices are on the decline. So is now the time to buy? CTV News' Chief Financial Commentator Pattie Lovett-Reid says maybe, in her weekly column for CTVNews.ca.