“As a mortgage agent, my advice to a young person in Ottawa looking to purchase their first home would be:

1. Get pre-approved for a mortgage: This will give you an idea of what you can afford and will help you to narrow your search to homes that fit within your budget.

2. Increase your down payment: A higher down payment will lower your monthly mortgage payment and may also help you to qualify for a better interest rate.

3. Improve your credit score: A higher credit score can help you to qualify for a better interest rate, saving you money over the life of the loan.

4. Be flexible with your must-haves: Consider making compromises on your wish list in order to find a home that fits your budget.

4. Consider government programs: First-time homebuyers may be eligible for government programs such as the Home Buyers’ Plan, which allows you to withdraw up to $35,000 from your RRSP to put towards a down payment.

By following these tips and being prepared, you can increase your chances of successfully purchasing your first home despite the current market conditions.”

“Get educated, work with professionals and do the work to get into the market as early as possible.  The faster you become a homeowner, the faster you are paying down a mortgage and building equity. Your first home may not be seen as a long-term investment, but once you have one property you will be able to use this property to either leverage or sell for a larger down payment on your next. 

Find out what your pre-qualifications are and set your expectations based on these numbers to get into the market faster.  It is also not uncommon to look to family for help with either qualifying or help with a larger down payment, many buyers are looking for help and support from those around them. Try to remain flexible during the process and you will get there faster.”

“As a young person looking to purchase your first home in Ottawa, there are several things you can do to increase your chances of success in a market where prices are rising and qualifying is becoming more difficult. Here are some pieces of advice:

1. Save up for a larger down payment: One of the main factors that affect whether or not you qualify for a mortgage is your down payment. By saving up for a larger down payment, you can reduce the size of the mortgage you need to take out and increase your chances of getting approved for a mortgage.

2. Improve your credit score: Lenders use your credit score as a way to assess your creditworthiness, and a higher credit score can help you qualify for a larger mortgage with more favorable terms. Paying bills on time, keeping your credit card balances low, and avoiding new credit applications can all help improve your credit score.

3. Get pre-approved for a mortgage: Getting pre-approved for a mortgage can give you a better idea of how much house you can afford, which can help you avoid disappointment when looking at homes outside your budget. It can also make you a more attractive buyer to sellers, as they know you have the financial backing to make an offer.

4. Be flexible with your expectations: In a competitive market, you may not be able to find the perfect home that meets all your criteria. Being flexible with your expectations and willing to compromise on some features can help you find a home within your budget.

5. Consider alternative housing options: If you’re struggling to qualify for a traditional mortgage or find a home within your budget, consider alternative housing options such as co-ownership, tiny homes, or purchasing a condo or townhouse.

Remember, purchasing your first home can be a complex and challenging process. It’s important to do your research, work with a reputable real estate agent, and take the time to carefully consider your options before making any decisions.”

“Ask your parents for a gift or to borrow a down payment, pay off current debt or find a co-signer. If you’re a young person looking to purchase your first home in Ottawa, there are several strategies you can consider to make homeownership more attainable in a market where prices are increasing and qualifying for a mortgage is becoming more difficult. Here are a few options:

1. Ask for a gift or loan from family: If your parents or other family members are willing and able to provide financial assistance, this can be a great way to come up with a down payment or pay off current debt. However, it’s important to consider the potential impact on your relationship and to have a clear understanding of the terms and expectations for repayment.

2. Consider a co-signer: If you have a family member or friend who trusts you and is willing to co-sign on your mortgage, this can help you qualify for a loan and potentially secure a lower interest rate.

3. Pay off current debt: By paying off current debt, you may be able to improve your debt-to-income ratio and increase your chances of being approved for a mortgage.

4. Consider alternative loan options: There are also loan programs available that are specifically designed for first-time homebuyers, such as the Home Buyers’ Plan (HBP) in Canada.

It’s important to do your research, speak with a financial advisor, and carefully consider all of your options before making a decision. Additionally, it’s important to make sure you have a realistic understanding of what you can afford and to budget for the ongoing costs of homeownership, such as property taxes and maintenance expenses.”

“As a young person in Ottawa looking to purchase their first home, it may be helpful to:

1. Save for a larger down payment.

2. Consider adding a family member as a co-signer to increase the qualifying mortgage amount. 

3. Consider buying with another person to share the cost and to increase the qualifying mortgage amount. 

4. Consult a Mortgage agent ahead of time and work with a good Real Estate agent.”