This petition is to get first time home buyers a chance. 

Young people going through life right now are struggling to get into there first home. As we know, especially in New Brunswick our cost of living has went up substantially. Since COVID has happened the cost of housing has more than doubled. This is causing a even harder time for people ranging from the ages of 19-35 to get their very first home. 

The average cost of a single family home for March 2022 is $303,300 (creastats.crea.ca) that being said, with a 5% down payment which is $15,165 and fees of around $5K. Your looking at a mortgage of $1683. Most people are paying $1000-$2000 on rent in New Brunswick anyway! There needs to be a system where the Government, or Credit Bureau uses the amount of money we spend on rent towards getting out first home. 

I was paying $1475 (in a house) and with everything else combined (insurance, power, wifi) paying $2085. In the course of just 12 months have payed $17K in rent, That is just unbelievable, nothing to show for it, my credit score didn’t get better because of it, the banks didn’t care. Because why would they, they don’t know! They see a etransfer or a withdrawal.
Was in the process of buying the home I just spoke about, I loved it. We had moved in pre COVID and set a price that we were going to pay for it.. then boom, COVID hits and the market spikes, out of work so we aren’t thinking a outing buying a home, but we say we will save and once COVID is dying down the market should be a little better and we’ll buy our first home. During this time with these thoughts on our head, we end up expecting a baby boy. We couldn’t be more blessed. Fast forward to when he is born (September 2022) and the market is now even higher then last year. We know we can afford a house, we are certain of it. But just our credit scores don’t agree. With that being said of course we knew we couldn’t end up buying the house since e price has now been made even higher. Now writing this at this point we have spent $30 thousand dollars just paying rent, again not being able to show how that to a bank. It’s time to make a change and start getting the money we spend on living to actually go towards improving our credit score and chances of buying a home. 

There needs to be a system, where if you pay $1000  or more a month in rent, that it should go toward your credit score and/or a first time home buyer approval. 
Government and banks need to start acknowledging how disgusting the cost is for people to live & out it towards housing for our citizens!