SPRING /

SUMMER
2017

AFFORDABILITY:

The insiders
guide to
buying your
first home
 LOCATION, LOCATION,
FINANCING.
Homebuyer 95 program | For Canadians looking
to make the move to homeownership, the Genworth
Canada Homebuyer 95 mortgage insurance program
provides qualified borrowers with an opportunity to
own a home with as little as a 5% down payment.

Watch the HomeOpeners video series

and learn more about Genworth Canadas
Homebuyer 95 program:
www.homeownership.ca/H95

800.511.8888 | Genworth.ca | Homeownership.ca | homeownership.ca/fb | @GenworthCanada

 HOPE SPRINGS
We get it. Buying your first home isnt exactly easy. Home prices
continue to rise, and the federal governments new mortgage rules
have introduced additional changes for first-time homebuyers,
especially in hot markets like Vancouver and Toronto. Nonetheless,
were here with good news 25 pages of it!

This issue of A Better Way to HomeOwnership is dedicated to

affordability. Buying the right home for your needs and your
budget sets the foundation for successful homeownership.
We have several stories that will help get you there, from how
to boost your financial fitness, to budget-conscious bidding war
strategies, to surprising ways to earn more money each month.
We also have wallet-friendly advice for cutting your closing costs,
improving your backyard on a budget and making sense of
those new mortgage lending rules, plus more.

Genworth Canada has helped millions of Canadians along

their homeownership journey, and we hope this issue inspires
and informs you too. To make your house-hunting experience
even better, visit Homeownership.ca for interactive budget
and affordability tools, and to sign up for our newsletter.

Do you have questions or a story to share? Join the

conversation on Facebook, LinkedIn and Twitter.

Happy house hunting!

Debbie McPherson
Senior Vice-President,
Sales & Marketing,
Genworth Canada
Cover Photo: Shutterstock

PS: Please bookmark Homeownership.ca. Youll find online tools,

education and services to help simplify your road to homeownership!

Produced by
 SPRING / SUMMER 2017

TABLE OF
CONTENTS
05
HELP!
06
THE EDGE
08
DREAMING OF
You Asked, The state of real HOMEOWNERSHIP
We Answered. estate in Vancouver Are you fit to buy
and Toronto. your first home?

10 12 14
THE BUYING
FINANCING HOUSE HUNTING
Let your home make Should you buy in the PROCESS
money for you! city, country or burbs? Bidding war battle
strategies.

16
CLOSING &
18 20
TOOLBOX COMMUNITY
MOVING IN Budget-friendly An Ontario family
Five ways to save projects for your gets a boost from
on closing costs. new home. our Homeowner
Assistance Program.
 HELP!

YOU ASKED,
WE ANSWERED

Q: How do Canadas new mortgage rules affect

my homebuying budget?

A: You have less money to work with than you would have if youd entered
the market a year ago about 20 to 30 per cent less. Canadas new mortgage
lending rules (which came into effect in fall 2016) were designed to promote
responsible homeownership by implementing tougher affordability criteria,
and intended to cool prices in the process.

The average first-time homebuyer in Canada purchases with a down payment

of less than 20 per cent, thus acquiring a high-ratio mortgage. Prospective
first-timers in this camp will find that one of their biggest concerns is the
governments revised stress-test criteria, designed to reduce the likelihood
of mortgage default.

The criteria that lenders now use to determine the amount of mortgage you
can afford is based on the Bank of Canadas five-year fixed mortgage rate,
which can be several points higher than lenders rates (for example, 4.64 per
cent versus 2.49 per cent). That higher interest rate and hypothetically higher
monthly payments are what lenders use to determine how much mortgage you
qualify for. The Bank of Canada rate is also used to estimate home carrying costs
and debt-servicing ratios, which may make it harder for first-timers with less than
20 per cent down to qualify for a mortgage. Be sure to speak with a mortgage
professional to understand if you qualify based on the new lending criteria.

As a first-time buyer, you can make your smaller budget stretch further by
expanding your search to an up-and-coming community, opting for a fixer-upper
or saving for a larger down payment.

GENWORTH CANADA SPRING / SUMMER 2017 5

THE EDGE

HOT PROPERTIES
Aspiring first-time homebuyers may wonder: Is it even possible to buy
in the Greater Vancouver and Greater Toronto Area real estate markets?
The truth may surprise you.

Real estate in both metro areas is well above the national average. In
December 2016, the average price of a property in Canada was $470,661.
In Vancouver, it was $948,246; in Toronto, $730,472. Yet, determined
buyers can still find toeholds. It isnt easy, but it is possible.

HERE ARE SOME WAYS Work with a REALTOR to find

TO HELP MAKE IT HAPPEN.
Ask for down payment money
from generous relatives (in lieu of
wedding gifts, for instance). Thats
what more than half of millennial
first-time homebuyers plan to do.*
Get ready to Do It Yourself. A fixer-
upper provides more home for your
buck. Put in the sweat equity and
watch your propertys value rise!
under-the-radar communities at
peak affordability.
Commute. Bedroom cities with good
access can get you from home to
work efficiently sometimes in the
same amount of time as commuting
from one gridlocked end of the
urban core to the other.
Become a landlord. To help offset
your housing costs, carve out space
for a tenant. (Make sure your unit
meets local bylaws.)

*Source: Genworth Canada 2017 Homeownership Study

GENWORTH CANADA SPRING / SUMMER 2017 6

 $380 WHERE
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Areas ranked by median property value for September 2016
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*Source: CREA Housing Data, median prices for single detached properties only for time period YTD 2016 (as at Sept. 2016)
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Vancouver Downtown: Delta / Richmond:

$2,518,525
Vancouver
Vancouver
Vancouver Downtown:
Downtown:
$1,270,441
Downtown: Delta
Delta //Richmond:
Richmond:
Delta / Richmond:
$2,518,525
$2,518,525
$2,518,525 $1,270,441
$1,270,441
$1,270,441
Areas ranked by median property value for September 2016
1. Vancouver Downtown 4. Surrey 8. Maple Ridge / Pitt Meadows
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Port Coquitlam Vancouver / New
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10. Chilliwack
Chilliwack
3. Port Moody *Source: CREA Housing Data, a
Port Moody / Port Coquitlam7.7./ Langley
Coquitlam 6. Vancouver North and West
Langley 10. Chilliwack
*Source: CREA Housing Data, median prices for single detached properties only for time period YTD 2016 (as at Sept. 2016) single detached properties, ye
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DREAMING OF
HOMEOWNERSHIP

Dreaming of
Homeownership

FIT TO BUY?
TEST YOUR FINANCIAL FITNESS

Gauging your financial fitness is crucial for first-time homebuyers.

The better shape youre in financially, the more likely you are to succeed
at homeownership. Thats because a strong credit history, lean debt-service
ratios and a robust down payment work together to promote affordability.
For the best mortgage terms and rates, it pays to be fit! Heres how to
assess and improve your financial fitness.

CREDIT SCORE 680 OR ABOVE?

Your credit score indicates how
reliable you are as a borrower.
Canadas two credit reporting
agencies, TransUnion and Equifax,
assign a credit score thats between
300 and 900. Order your credit
report and check your score. Is it
Good: Youre considered a lower-
risk borrower and will receive better
interest terms.
BELOW 600?
Room for improvement: As a higher-
risk borrower, youll be offered less
favourable terms and interest rates.

GENWORTH CANADA SPRING / SUMMER 2017 8

Boost your credit score by
1. Never using more than 75 per cent
of your available credit. Ideally, aim
to keep it under 50 per cent (better)
or even 30 per cent (best!).
2. Paying your monthly bills on time.
Late payments can lower your score.
3. O
 pening a credit card or line of credit
and using it responsibly by paying at
least the minimum payment on time
if you wish to build credit history.
DEBT-SERVICE RATIOS
Your debt-service ratios help lenders
determine how much mortgage you
can afford, given your debt payments,
monthly expenses and income. This
is assessed through two different
ratios: gross debt service (GDS, or the
percentage of your income that goes
toward paying your housing costs)
and total debt service (TDS, or the
percentage of your income that goes
toward housing costs (GDS) plus your
other monthly obligations, such as
debt repayment). Heres how to find
out how yours stack up.
GDS: Calculate your GDS ratio by
adding up your monthly housing
costs (anticipated monthly mortgage
principal and interest payments based
on the Bank of Canadas five-year fixed
term rate, taxes, heating costs and, if
applicable, 50 per cent of your condo
fees), and then dividing that amount
by your gross monthly income.
Multiply the sum by 100.
TDS: Calculate your TDS ratio by
adding up all of your monthly debt
payments (housing costs plus car
payments, credit card payments,
student loans and, if applicable,
child support and alimony), and
then dividing that amount by your
gross monthly income. Multiply the
sum by 100.
To qualify for mortgage insurance,
youll need a GDS ratio of 39 per
cent or less, and a TDS ratio of 44
per cent or less.
Lower your debt-service ratios by
1. P
 aying down your consumer debt.
2. Increasing your verifiable income
with a reliable part-time job.
3. L
 owering the amount of your
prospective mortgage with a larger
down payment.
DOWN PAYMENT
A healthy down payment will make a
big difference in your overall fitness
to buy your first home. Although
mortgage insurance allows you to buy
with as little as five per cent down,
under Canadas new mortgage rules
introduced last fall, youll need to bulk
up that nest egg for anything beyond
a very modest starter home.
For homes in the $500,000 to
$999,999 range, youll need an
additional 10 per cent down payment
on the portion of the homes purchase
price over $500,000.
For homes costing $1 million or more,
youll need a minimum down payment
of 20 per cent to qualify for a bank
mortgage.
The good news is that its never too
early to improve your financial fitness.
Want more ideas on how to shape up
your bottom line? Find expert advice
at Homeownership.ca.
GENWORTH CANADA SPRING / SUMMER 2017 9
FINANCING

Household Help

10 WAYS
YOUR HOME CAN MAKE MONEY FOR YOU

Homeownership provides shelter, security and a valuable long-term

investment. But did you know that your home could work even harder?
As in, make you money? (And no, you dont have to move out!) Read on
for 10 ways your home can earn its own paycheque.

RENT OUT A BASEMENT LIST YOUR HOME ON A PEER-TO-

1 APARTMENT
Go for it, if: Your house already has a
legal in-law suite, or youre willing to
renovate the space to meet zoning
and building code requirements
Skip it, if: You dont want the
responsibility of being a landlord
(midnight plumbing emergency,
anyone?)
3 PEER SERVICE LIKE AIRBNB
Go for it, if: You travel and want to
put your home to good use while
youre away
Skip it, if: Local zoning bylaws or
regulations prohibit short-term rentals
Potential income: $128 per night
(a big-city average)

Potential income: $600 to $1,300+ RENT YOUR HOME OUT AS A FILM

per month for a bachelor apartment
HOST AN INTERNATIONAL
2 HOMESTAY STUDENT
Go for it, if: Youve got a spare
bedroom and enjoy the idea of a
cultural exchange
Skip it, if: You dont want to share
your dinner table and family time
Potential income: $600 to $800+
per month for room and board
4 OR COMMERCIAL LOCATION
Go for it, if: Youre able to move out
at the drop of a hat and are willing
to meet pertinent local bylaws and
regulations
Skip it, if: Youre not comfortable with
minor property damage (standard
contracts ensure that it will be
repaired)
Potential income: $500 to $5,000 per day
 RENT OUT A PARKING SPOT
5 Go for it, if: Youve got an unused
parking space
Skip it, if: Its a tight fit (not worth
risking damage to either vehicle)
Potential income: $140 per month
(a big-city average)

MONETIZE THAT UNUSED

6 GARAGE, BARN OR SHED
Go for it, if: You have an empty space GROW (SOMEONE ELSES)
that could be someone elses auto-
9 VEGETABLES IN YOUR BACKYARD
repair, hobby or band rehearsal space Go for it, if: Youve got a sunny plot
to lend to urban farmers, in return
Skip it, if: Youve got noise concerns
for free produce
Potential income: $220 per month
Skip it, if: Youre unable to help out
(a big-city average)
with the occasional watering
OPEN YOUR ARMS (AND HOME!) Potential income: Likely zero, but free
7 TO DOGS (possibly organic) produce will cut
Go for it, if: Your dog(s) would love the your grocery bill
company of a pooch whose owners
are on vacation LEASE YOUR ROOF TO A SOLAR
10 ENERGY COMPANY
Skip it, if: You dont want dogs roaming
Go for it, if: You want to support clean
around in your home (owners often
energy while making money at the
expect a kennel-free homestay)
same time
Potential income: $25 to $40 per night
Skip it, if: Your roof is in need of
(on average)
maintenance
SHARE YOUR STUFF Potential income: About $200 to $1,200
8 Go for it, if: You want to make per year ($300 to $450 is average)
money by renting power tools or other
items gathering dust in your basement
Skip it, if: Youre uneasy about
potential damage
Potential income: Examples we
found on the peer-to-peer sharing
site shareshed.ca include a power
generator ($40 per day), sleeping
bag ($10 per day) and stand-up
paddleboard ($45 per day)
HOUSE HUNTING

House Hunting

SHOULD YOU BUY IN

THE CITY, SUBURBS
OR COUNTRY?
Buying your first home brings major lifestyle changes sometimes even a
dramatic change in scenery. Thats because homeownership involves taking
an honest look at your lifestyle, priorities and goals, and then investing
hundreds of thousands of dollars in that vision. One of the first things to
consider: should you buy where you rent, or house-hunt farther afield?

Whats right for you the city, burbs or country?

CITY SLICKING PROS

Car-free living is a breeze (car share
services are everywhere, so theres
no need to stress whenever you do
require wheels)
Greater employment opportunities
Shorter commute to work and play

Theres a reason why urban real
estate comes with a price premium:
excellent public transit, plenty of arts
and cultural attractions, lots of dining
options, and easy access to everything
from medical services to gyms
and green space. Steady demand
translates into a real estate investment
that will grow as you build equity in
your property.
CONSIDERATIONS
Less home for the same price
compared with suburbs and rural
areas
Condos may be the only affordable
option if you want to live right in the
city core
Less privacy, thanks to closer
quarters and higher population
density

GENWORTH CANADA SPRING / SUMMER 2017 12

SUBURBAN DREAMS
Is it any wonder that generations of
parents have flocked to the burbs to
raise their families? Its here that the
much-desired single-family detached
house rules, with big backyards (picket
fence optional), good schools and a
higher proportion of households with
kids perfect for impromptu street
hockey or tag. While new communities
may be low on shops and services,
it only takes a few years of growth
before cafs and sushi are just a short
drive away!
PROS
Lower housing costs mean you get
more home for your real estate dollar
Daycare costs are often lower than in
the city
Quieter than the city, yet less remote
than rural areas
CONSIDERATIONS
Longer commute and higher
commuting costs (gas, parking,
commuter trains and so on)
Some newer suburbs may not be as
walkable compared with the city
Fewer entertainment, dining and
grocery options nearby, aside from
big-box chains
You tell us: Where do you want to live and why? Join the conversation on Twitter
@GenworthCanada or on Facebook at Homeownership.ca/fb
COUNTRY LIVING
Fresh, clean air, room to roam, no one to
bug you about your bonfire or backyard
hens what could be better, right? Rural
living has always appealed to self-reliant
types, and in recent years its gotten a
boost from millennials seeking a more
affordable and lower-stress lifestyle
(although overall, more people are leav-
ing the country for the city). If you work
from home, you can skip the commute
and spend the extra time relaxing or
picking up a back-to-the-earth side gig
to supplement your income.
PROS
Lower housing costs and more
outdoor space for kids, pets and
gardens
Easy access to recreational forests
and lakes
Better air quality
CONSIDERATIONS
More susceptible to extreme
weather: potential to be snowed in;
power outages can be more frequent
and last longer
Longer commutes to work,
errands, entertainment and
medical appointments
Harder to make friends in a small,
tight-knit community
(TIP: Make it easier by joining
a volunteer committee!)
GENWORTH CANADA SPRING / SUMMER 2017 13
THE BUYING PROCESS

Bidding Wars

FIVE WINNING
BATTLE STRATEGIES
FOR FIRST-TIME HOMEBUYERS

Multiple-offer scenarios are a fact of life in hot real estate markets like
Vancouver and Toronto. If you are a first-time homebuyer, its worth
preparing a bidding war battle plan to improve your odds of getting
the home you want without pushing past your affordability threshold.

HERE ARE FIVE STRATEGIES TO KEEP
YOU ON TRACK AND ON BUDGET.
STRATEGY No. 1:
Dont fall in love with any home
(until you own it)!
Avoid thinking in terms of dream homes
and The One home thats perfect for
you. Most Canadians stay in their first
two homes for about 7 to 10 years,
so keep your mind open as you
survey potential homes in your target
neighbourhood or neighbourhoods,
with the features youve prioritized,
within your budget. Bidding as if your
happiness depends on that one perfect
house is the surest way to end up with
a property you cannot afford and thats
not a winning approach. Remember:
A debt-to-income ratio (mortgage
payments, property tax, utilities and
other debts compared with income)
of 30 per cent or less is ideal.

GENWORTH CANADA SPRING / SUMMER 2017 14

STRATEGY No. 2:
Have your financing in place
Strengthen your position with
mortgage pre-approval. Having your
financing lined up shows that youre
serious about buying, and assures
sellers that youre qualified, organized
and wont waste their time.
Hammer the point home with a
generous deposit in the form of a
certified cheque. Dont worry: youll
get it back if you dont get the house,
and if you do get the house, that
amount becomes part of your
down payment.
STRATEGY No. 3:
Cut the contingencies
A firm offer to purchase will always
be preferable to conditional offers.
Think about it: if you were in the
homeowners shoes, would you
rather sell to the bidder whos
ready to seal the deal, or the
one who needs more time to do
the homework they should have
done already, such as line up their
financing?
Less clear cut is the issue of home
inspection. Making your offer
conditional on a clean home
inspection may make it a bit less
competitive than one that waives this
condition. That said, buying without
a home inspection could lead to
pricey surprises down the road.
Your real estate pro can be helpful
in determining the right course of
action on a house by house basis.
STRATEGY No. 4:
Be Mr. Nice Guy (or Ms. Nice Gal)
It can pay off big-time in a bidding war.
You may beat a higher offer simply by
being flexible in light of the sellers
conditions. Consider the following:
Do they want to close quickly so
they can move into their new home?
Do they seek a later close date
so they can buy a new house?
Will you accept the house as is,
rather than require the seller to
fix the sagging back fence?
Boost the competitiveness of your
offer by saying yes to the sellers
conditions. It pays off in more ways
than just good karma! (Want to
sweeten your deal even more? Offer
to pay the sellers closing costs, such
as the lawyers fee and mortgage
discharge fee, which can run from
$700 to $2,100 not including the
REALTORs commission, of course.)
STRATEGY No. 5:
Be ready for a rebound
Dont be discouraged if you get edged
out by another buyer. Keep searching
for other homes, but have your
REALTOR check in with the sellers
agent to indicate your continued
interest in the home just in case the
winning offer falls through. By keeping
in touch, youll have an edge if the
seller finds themselves scrambling to
close a sale, rather than having to start
again from scratch. In real estate, as in
life, persistency pays off!
GENWORTH CANADA SPRING / SUMMER 2017 15
CLOSING & MOVING IN

Closing Time

HOW TO SAVE ON
CLOSING COSTS
Closing costs will add thousands of dollars to the cost of your first home,
so be prepared. As a general rule, you should budget one to four per cent
of your homes purchase price for those fees. Keep your costs on the lower
side with these tips and tricks.
Land Transfer Tax
Most provincial land transfer taxes
are calculated based on your homes
purchase price. (Certain large cities,
like Toronto, levy an additional
municipal land transfer tax.) Use an
online calculator to determine how
much you can expect to pay in your
region. First-time buyers qualify for
rebates, so be sure to apply its an
easy way to save thousands.
Legal Fees
Lawyer fees cost in the $600 to $900
range, plus approximately $200 to
$400 in disbursements (the cost to
register the mortgage, complete a
tax certificate and do a title search on
your property, plus office expenses).
Ask your real estate pro, mortgage
broker and even colleagues and
friends to recommend law firms that
specialize in mortgage disbursements.
Comparison shopping may save you
a few hundred dollars.
Mortgage Costs
Make sure your bank wont charge
you a fee to set up your mortgage
or for a mortgage-related appraisal
(which can run from $250 to $500).
Most banks dont, so feel confident
negotiating to have the fee waived.
Home Insurance
Home insurance is mandatory on
mortgaged homes and starts at
about $450 a year, with rates varying
depending on the type of coverage,
the type and value of the home, and
the location. You can cut hundreds
(or more!) from your insurance bill
simply by bundling home and vehicle
insurance from the same insurer;
increasing the deductible; and looking
for policy-specific discounts, which may
include incentives for fire detectors or
a home monitoring system.
Overall Costs
Finally, consider asking the seller
to help cover your closing costs by
reducing the price of their home.
Will this work in a hot real estate
market? Probably not. (Dont even try
it in a multiple-offer scenario!) But if
youre dealing with a highly motivated
seller, a sluggish local market or a
property thats been on the market
for a while, theres no harm in asking.
It may save you thousands off your
home purchase.
TOOLBOX

OUTDOOR
LIVING
5 BUDGET-FRIENDLY PROJECTS
FOR NEW HOMEOWNERS

Improve your first home with an outdoor living area. Your alfresco retreat
will increase your homes total living space and its resale value. The best
part? Invest a little sweat equity, and these fast fixes wont break the bank.

1 2
LIGHT IT UP
Backyard lighting is one the best
outdoor improvements you can
make. Besides enhancing safety, a
beautifully lit backyard is an inviting
place to hang out, especially if you
layer your lighting. Pathway and
deck lights reduce tripping hazards,
while landscape lights draw the eye
to elements you want to showcase,
such as trees, architectural details or
a pond. Accent lights, like an indoor/
outdoor chandelier, lanterns or twinkle
lights, add character and help define
your exterior living space.
GET DECKED OUT
Think of the deck as an extension
of your home. Its the perfect spot
for outdoor entertaining, family meals
or just relaxing with the weekend
newspaper. A deck is a manageable
DIY project for the new homeowner.
When planning a deck (you can find
interactive deck designers online),
remember to keep it in proportion
to your homes dimensions. You can
rent any equipment you dont own
from a big-box building retailer.
Trend-wise, sustainable decking like
pine or composite wood is becoming
increasingly popular as homeowners
embrace greener living.
3
PLANT A TREE
One of the easiest ways to
enhance your yards value is
to plant a tree. As it grows, a tree
adds landscape appeal, boosts
privacy and helps shade your outdoor
living space. Once mature, it can also
help reduce your homes cooling
bills in summer.
4
SOFTEN UP YOUR SPACE
Whether youre designing from
scratch or hoping to refresh
second-hand patio furniture, look
no further than indoor/outdoor
pillows, throws and rugs. Avoid fully
coordinated matchy-matchy sets in
favour of an on-trend mix-and-match
aesthetic. Be creative and try stripes
with florals, or pair dots with solids
almost anything goes! Create a
polished vibe with an indoor/outdoor
area rug placed under the dining
table or conversation set. Provide
colourful chenille or cotton throws
for guests to cozy up under on those
cooler nights.
5
PLANT A FOUR-SEASON
GARDEN
While you may not spend much
time in your backyard over the winter,
a well-planned mix of ornamental
plants will allow you to admire it while
hibernating inside. When landscaping,
include perennials, shrubs and
grasses with winter appeal, such as
berries, colourful bark or year-round
foliage. Finally, install a bird feeder
and bird bath, and then relax and
enjoy the view!
COMMUNITY
RECOVERY
TIME
HOW HOAP HELPED AN ONTARIO
FAMILY GET BACK ON TRACK
W
hen Karens husband
phoned home to say he
was leaving work to go to
the hospital, she knew it
was serious. Ken never,
ever takes time off work, she says.
The short-haul trucker had been
averaging 70-hour work weeks.
It was January 2016, and the St.
Catharines, Ontario, couple had no
inkling of the medical drama to follow.
Ken was diagnosed with pancreatitis
and went on sick leave. That spring,
GENWORTH CANADA SPRING / SUMMER 2017 20
he underwent gall-bladder-removal
surgery. Not long afterwards, he
received even worse news: he needed
a triple bypass and aortic repair
surgery. That meant more time off work.
Karen, a retiree, knew they needed
financial help fast. With a 17-year-
old son at home and supporting
a grandchild, the couples living
expenses had depleted their savings.
By September, wed exhausted
everything, says Karen. We had
no money. The savings account was
empty there was maybe $4 left in
there. I thought, What do we do now?
Their mortgage lender referred them
to Genworth Canadas Homeowner
Assistance Program (HOAP), as they
had a Genworth insured mortgage.
Nadine [the HOAP specialist assigned
to their case] did everything she could
to help, says Karen. Nadine had their
monthly mortgage payment lowered
by hundreds of dollars. After a grace
period, the couple will pay back the
difference in monthly installments,
with no added interest.
Thanks to the financial breathing
room, Kens family can focus on whats
important: his recovery. People need
to know HOAP is out there, says
Karen. If you need help, utilize it.
For more information on HOAP,
call 1-800-511-8888 or email
homeassist@genworth.com.
WHAT'S ONLINE

WHAT IS THE
BIGGEST CHALLENGE
FACED BY TODAYS
FIRST-TIME
HOMEBUYERS?
WE ASKED THIS QUESTION TO
OUR FACEBOOK FANS AND
HERE IS WHAT THEY SAID.

homeownership.ca/fb

GENWORTH CANADA SPRING / SUMMER 2017 22

 qualifying
for a
bidding lack of
mortgage information
wars
for first-time

homebuyers

finding
the best
interest
saving for a rate

down payment

when
finding
to buy the right
home

rising
ongoing costs
housing prices
e associated
with owning
a home

Source: Genworth Canada 2016 The Challenges for First-Time Homebuyers Contest

Now on Twitter! @GenworthCanada

GENWORTH CANADA SPRING / SUMMER 2017 23

 http://www.homeownership.ca

THE GUIDE TO
HOMEOWNERSHIP
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we can help you to achieve the dream of homeownership
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