Best Financial Advisors in Grimsby, ON

Affordability Crisis Hits Hamilton’s Housing Market Jeremy, a valued client of ours, reached out to update his current affordability. Having previously assisted with his sister’s mortgage, we understand his financial situation well. Despite being a single, 32-year-old professional earning $92,000 annually and saving over 20% for a down payment, Jeremy finds himself constrained to a $350,000 mortgage. At our office, Jeremy’s predicament is all too familiar. We often communicate with clients in Hamilton, Ontario, highlighting the opportune moment for purchasing a home amidst affordability challenges. The root causes are clear: escalating prices, rising rates, and the stringent stress test – a trend reminiscent of housing crises in the 1980s and 1990s. According to the Bank of Canada, a key issue lies in the insufficient supply of homes. However, this problem has persisted for a decade and is compounded by factors such as population growth from immigration, housing scarcity, limited re-sales, and changing demographics, particularly among the younger population. The repercussions are evident: Hamilton’s current affordability ranks as the second-worst in Canadian history. Reports indicate a significant drop in mortgage debt among adults under 35. Builders in Hamilton are grappling with reduced margins due to increased interest rates, impacting the feasibility of affordable housing projects. What can be done to alleviate this situation?