Marc Kulak, associate vice president, Real Estate Secured Lending, TD Canada Trust says that the lender advises first-time buyers to take their time to save the largest downpayment they can before purchasing, to enable savings on mortgage payments and upfront mortgage insurance premiums.
"There's more to consider beyond purchase price, interest rate and the monthly mortgage payment. It's essential that buyers leave enough time to do their homework - especially considering, 40 per cent of prospective first-time buyers are worried they don't understand the full cost of ownership," Kulak said.
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A fear of missing out, known as FOMO, is a major consideration of home buyers in Vancouver and Toronto. A survey by mortgage lender TD found that 19 per cent of first time buyers in those markets cite FOMO as their top consideration. They are most concerned about rushing the process to avoid missing an opportunity (20 per cent) and being pushed out of the market (13 per cent), as well as buying too fast in order to win a bidding war (18 per cent).