he cost of goods and services is affected by the supply and demand of the market—housing affordability is no different.
In our current market housing affordability will continue to rise if enough additional houses aren’t built by 2030.
With home builders facing a shortage of building materials, like lumber, the target number of new builds could be difficult to meet.
This obstacle impacts Canadians who seek homeownership to put down roots and achieve sense of security.
The lack of affordable housing will restrict future homebuyers from being able to building equity in their homes sooner, leaving them having to make mortgage payments later in life.
Proposed Solution
A shortage of affordable housing poses even further obstacles for many future home buyers.
To combat this issue, the Canadian Mortgage and Housing Corporation (CMHC) was founded on the belief that everyone in Canada should have affordable housing.
CMHC’s 2018 report states that if the current rate of construction for new housing continues there will only be 19 million units by 2030, rather than the 22 million needed.
According to CMHC, “to restore affordability, an additional 3.5M affordable housing units are needed by 2030.”
The effort to meet this projection relies heavily on uncontrollable variables like building supply availability and available land for development.
Alternative Solution
The lack of affordable housing poses challenges for future home buyers.
While there are options like purchasing a home with extended family, it can get a bit crowded in house with a lot people and few bathrooms.
To avoid future feuds of who is taking too long to get ready, or which family member has too much closet space, current renters may want to consider the idea of homeownership earlier.
Choosing the Bridge to Homeownership™ (BTH) powered by EP Homes is a good alternative to secure a home for you and your family, even now.
Even with zero down payment the BTH program can help clients that have good credit.
EP Homes understands that every client is unique and have structured our program to be flexible.
The program conducts a fair market appraisal on a new home from one of our preferred homebuilder partners to determine how much your monthly payment will be.
Your monthly payment has 2 components: rent + savings. The savings component will accumulate to be your down payment at the end of the 3-year lease term.
Our mission at EP Homes is to help everyday people become their best financial selves as homeowners.
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