Good time to buy, say first-timers
More people looking to purchase their first home believe that now is a good time to buy, says a national survey.
“First-time homebuyers are the engine that will drive the housing market in the next few years,” says Brian Hurley, chairman and CEO of Genworth Canada, in a news release.
A national survey was recently conducted by the company and the Canadian Association of Credit Counselling Services.
It revealed that almost one-third of first-time homebuyers who purchased a home in the in the past two years — or intend to in the near future — believe now is a good time to buy.
It marked a 25-per-cent increase compared to last year. The poll included 1,533 participants across Canada.
That increase in first-time homebuyers is something one builder says is surfacing in Calgary’s housing market.
“First-time purchasers have been waiting for signs that economy is improving in Calgary— and along with solid savings accounts and today’s attractive interest rates, we are seeing stronger interest (from buyers) than we saw for the first three months of 2011,” says Tim Logel, president of Cardel Lifestyles.
Sales centres for Cardel Lifestyles’ four multi-family developments, all targeting first-time home buyers, have seen traffic double from last year, he says.
These sites include Panorama West, Prestwick Place, Cranston Place and Riverside Townhomes.
Going forward, townhomes and condos priced lower than $250,000 will be a “hot item,” says Logel, adding that first-time home buyers will be looking for value.
“Today’s first-time purchasers are well-prepared and have done their homework,” he says.
Other results in the survey included 94 per cent of respondents saying that owning a home provides a greater sense of emotional well-being and security, while 69 per cent said they enjoy planning for their financial future — and 59 per cent said they saved their down payment for a new home within two years or less.
“It’s easier to achieve homeownership when you have healthy personal finance skills,” says Henrietta Ross, CEO of the Canadian Association of Credit Counselling Services, in a news release. “The survey results reaffirm our strong belief that getting your financial house in shape is the first step toward a life of financial fitness and overall well-being.”
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