Saving for a home with cash now takes double the amount of time today as it did in the 1970s in terms of weeks of labour. This was found by the Broadbent Institute who determined that it takes about 400 weeks of labour to purchase the average residential home in Canada, compared to less than 200 weeks in 1970. This means that current and recent homebuyers need to dedicate more time in saving to buy a home. According to the same study, in 2015, 400 weeks of labour in terms of cash cost needed to buy the average Canadian house was almost eight years worth of labour time.
Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!
*Subject to qualification.