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“A house purchase decision could be made on the [mortgage calculation] that you have X dollars in the bank and XYZ salary, so this is how much you could qualify for,” she says. “[But] we come to the table knowing their objectives and future life developments.” “Some people don’t think that far ahead. So, for us, being able to model the potential impacts can be enlightening,” Mr. McGrath says.
Advisors can also help clients consider the implications of purchasing with another person, such as a spouse, common-law partner, family member or friend, and whether a joint ownership or tenants-in-common ownership structure is more appropriate, Ms. Boland says. “If the goal is to leave it in the family, but you’re transferring a house with a mortgage [the child] can’t afford, it’s tremendous pressure,” he says, noting that some clients may need to consider how to use their life insurance to reduce or eliminate this burden.Homeownership has long been seen in Canada as a primary way for individuals to build their wealth. But Mr.
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