First time buyers are leading the way in our economic turn around as they take advantage of great deals on houses and on Money. With housing prices down 11% from Last January and mortgage rates at the lowest we've seen in years it really is a great time to buy. Check out this article by the Canadian Press:
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First-time home buyers could lead a rebound in Canada’s real estate market, thanks to lower prices and shifting demographics.
Phil Soper of Brookfield Real Estate Services says a combination of factors are attracting first-time buyers back to the market after they checked out in large numbers at the end of 2008.
National average home prices were down 11 per cent in January compared to a year earlier.
Soper says this, along with historically low mortgage rates and a buyers’ market, are working to attract first-time buyers.
And Scotiabank senior economist Adrienne Warren says baby boomers’ children will soon begin to enter the real estate market in droves, further boosting housing sales.
Soper and Warren were speaking in Toronto as part of Scotiabank’s annual real estate conference.
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