{"id":3527,"date":"2024-07-01T07:35:15","date_gmt":"2024-07-01T11:35:15","guid":{"rendered":"https:\/\/www.louisdesrochers.com\/?p=3527"},"modified":"2024-07-01T07:43:57","modified_gmt":"2024-07-01T11:43:57","slug":"saving-for-a-down-payment-still-possible","status":"publish","type":"post","link":"https:\/\/www.louisdesrochers.com\/en\/saving-for-a-down-payment-still-possible\/","title":{"rendered":"Saving for a down payment\u2026 still possible?"},"content":{"rendered":"<h5 class=\"tw-data-text tw-text-large tw-ta\" dir=\"ltr\" data-placeholder=\"Translation\" aria-label=\"Translated text\" data-ved=\"2ahUKEwix4bXg4IWHAxWFGDQIHcvYBLsQ3ewLegQIBxAU\"><span class=\"Y2IQFc\" lang=\"en\">Buying a property is a dream for many, but for 45% of Quebecers, saving for a down payment seems out of reach. With rents eating up a significant portion of income, is it still possible to put money aside to become a homeowner? Let&#8217;s explore this question.<\/span><\/h5>\n<p>&nbsp;<\/p>\n<p><span class=\"Y2IQFc\" lang=\"en\">The challenges of saving for a down payment <\/span><\/p>\n<ul>\n<li><span class=\"Y2IQFc\" lang=\"en\">High rents: For many people, rent represents more than 30% of the monthly net salary, making any attempt to save difficult. <\/span><\/li>\n<li><span class=\"Y2IQFc\" lang=\"en\">Lease renewal: Faced with these challenges, several potential buyers have chosen to renew their lease rather than enter the real estate market this year. <\/span><\/li>\n<li><span class=\"Y2IQFc\" lang=\"en\">Waiting for prices to drop: Many prefer to wait for a possible drop in real estate prices before taking the plunge. <\/span><\/li>\n<li><span class=\"Y2IQFc\" lang=\"en\">Anticipation of falling interest rates: The hope of falling interest rates also motivates some to delay their purchase. <\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span class=\"Y2IQFc\" lang=\"en\">Recommendations and realities <\/span><\/p>\n<ul>\n<li><span class=\"Y2IQFc\" lang=\"en\">Official recommendations: <\/span><span class=\"Y2IQFc\" lang=\"en\"><a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency.html\" target=\"_blank\" rel=\"noopener\">The Financial Consumer Agency of Canada<\/a> recommends that rent not exceed 35% of gross monthly income. <\/span><\/li>\n<li><span class=\"Y2IQFc\" lang=\"en\">Current situation: According to a recent survey, more than 8% of renters spend more than 50% of their salary on rent, making it even more difficult to save for a down payment. <\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span class=\"Y2IQFc\" lang=\"en\">Saving for a down payment is a major challenge for many Quebecers, especially with high rents and often insufficient income. However, with careful financial planning and monitoring market trends, it is still possible to achieve this dream. The key lies in careful financial management and patience.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying a property is a dream for many, but for 45% of Quebecers, saving for a down payment seems out of reach. With rents eating up a significant portion of income, is it still possible to put money aside to become a homeowner? Let&#8217;s explore this question. &nbsp; The challenges of saving for a down [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3525,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classifiee"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.louisdesrochers.com\/en\/wp-json\/wp\/v2\/posts\/3527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.louisdesrochers.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.louisdesrochers.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.louisdesrochers.com\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.louisdesrochers.com\/en\/wp-json\/wp\/v2\/comments?post=3527"}],"version-history":[{"count":2,"href":"https:\/\/www.louisdesrochers.com\/en\/wp-json\/wp\/v2\/posts\/3527\/revisions"}],"predecessor-version":[{"id":3530,"href":"https:\/\/www.louisdesrochers.com\/en\/wp-json\/wp\/v2\/posts\/3527\/revisions\/3530"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.louisdesrochers.com\/en\/wp-json\/wp\/v2\/media\/3525"}],"wp:attachment":[{"href":"https:\/\/www.louisdesrochers.com\/en\/wp-json\/wp\/v2\/media?parent=3527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.louisdesrochers.com\/en\/wp-json\/wp\/v2\/categories?post=3527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.louisdesrochers.com\/en\/wp-json\/wp\/v2\/tags?post=3527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}