Millennials face difficulties in property buying even despite changes in federal budget

Millennials face difficulties in property buying even despite changes in federal budget

Can millennials buy property in Winnipeg? The 23-year-old shared her opinion.

Bryanna Lafantaisie wants to buy a house in Winnipeg. However, everything is not so good as she thought before.

Like many other young people, the girl has a limited budget. As it turned out, most of the properties in the city go beyond her 200,000-dollar budget.

The 2019 federal budget assumes assistance to such residents of the city as Bryanna Lafantaisie. Canada's housing agency can give up to 10 percent of the purchase price as a virtually interest-free loan. It also brings down the mortgage load for borrowers.

The First Time Home Buyer Incentive was created to help millennials buy their first property in Winnipeg. However, even this program cannot provide sufficient assistance to young people. The problem is that the cost of housing is too high, and even receiving help from the province, the young are not able to buy real estate.

During the last 10 years, the province has allowed young people to receive up to $25,000 within the program. Starting from 2019, the federal budget proposes an increase in this amount. Now it is $35,000.

Lafantaisie said she is looking for new ways to increase her annual income to buy a house of her dream. She is sure that if she doesn’t do it now, then it may be late, as housing prices rise very quickly.

Winnipeg real estate agent Nicole Hacault explained that changes in the federal budget are beneficial for those who have enough money but who want to choose a better house in a more prestigious district. Now they make a purchase quicker without saving extra money.

However, no changes can help young people buy a house that goes beyond their income.

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buy a house in Winnipeg First Time Home Buyer Incentive Canada's housing agency
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