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For immediate release First‐time buyers driving force in Canada’s residential realestate markets, says RE/MAX Mississauga, ON (March 11, 2009) ‐‐ A report released today by RE/MAX confirms that entry‐levelpurchasers are now the engine driving home‐buying activity in almost every major centre in Canada.The 2009 RE/MAX First‐Time Buyers Report, highlighting first‐time buying activity in 32 residential housingmarkets across Canada, found that improved affordability is prompting many first‐time buyers to get off thefence, out of the rental, and into the market. While a sense of caution still prevails, more and more firsttimers are finding it hard to pass up the chance to become homeowners in today’s buyer‐centric real estateclimate. Increased inventory and longer days on market coupled with the lowest lending rates ever are presenting opportunities that have not been seen in almost a decade. “While the current economic crisis has caused some first‐time buyers to either take it slowly or apply thebrakes, home ownership remains a top priority for those who are able to take advantage of reduced carrying costs, rock bottom interest rates and lower house prices,” explains Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario‐Atlantic Canada. “Affordability has greatly improved and buyers arefirmly in the drivers’ seat in just about every market we surveyed. The new reality is that homeownership remains well within reach for most first‐time buyers.”Although the year got off to a slow start, February home sales were well ahead of those reported in January. The upward trending is expected to continue as more and more first‐time buyers enter the market in theweeks ahead. The flurry of activity in the lower‐end may also serve to kick‐start sales in the mid‐to‐upperend of the market, which have, as expected, been relatively sluggish in recent months. While inventory and days on market was up virtually across the board, it’s noteworthy that several markets reported tighter conditions in the lower end of the market, where demand and buyer activity remains quite healthy. ‐ more – RE/MAX First‐Time Buyers Report…2 “Canadian markets from coast‐to‐coast are ripe for a reawakening as the weather warms up,” says Elton Ash,Regional Executive Vice President, RE/MAX of Western Canada. “First‐time buyers seem more acclimatizedto economic factors, even though the barrage of bad news continues to flow. Those who are secure in their jobs, have accumulated good down payments, and have acceptable credit ratings are continuing to venture forward, undeterred by tighter lending criteria.” According to the RE/MAX Report, buyers are clearly in control in most Canadian markets. Of the 32 markets surveyed, 22 (69 per cent) remain firmly in buyer’s market territory. These include Vancouver, Surrey, Port Coquitlam, Chilliwack, Kelowna, Victoria, Edmonton, Calgary, Saskatoon, Regina, Ottawa, Peterborough, London‐St. Thomas, Niagara Falls, Mississauga, Metro Toronto, Northern GTA, Kingston, Windsor, Hamilton‐ Burlington. Barrie, and Halifax‐Dartmouth. Ten (31 per cent) report more balanced conditions: Winnipeg,Kitchener‐Waterloo, Sudbury, North Bay, St. Catharines, Saint John, Moncton, Fredericton, St. John’s, andCharlottetown. Forty per cent of markets offered single‐detached homes priced under $200,000, including Charlottetown,Saint John, Moncton, Peterborough, Niagara Falls, St. Catharines, Windsor, Fredericton, Halifax‐Dartmouth,London, North Bay, Kingston, Saskatoon and Winnipeg. More than two‐thirds (71 per cent) offeredcondominiums starting under $200,000, (Moncton, Fredericton, Halifax‐Dartmouth, Sudbury, North Bay,Peterborough, Mississauga, Burlington, Niagara Falls, St. Catharines, Kitchener‐Waterloo, London, Windsor,Surrey, Chilliwack, Victoria, Kelowna, Edmonton, Saskatoon, Regina, and Winnipeg). The most affordable markets for detached homes, based on starting prices are: Moncton ($115,000), Charlottetown ($120,000), and Saint John ($130,000) in Eastern Canada; Windsor ($75,000), Niagara Falls ($119,000), and St. Catharines ($125,000) in Ontario; Winnipeg ($185,000), Saskatoon ($190,000), and Regina ($210,000) in Western Canada. RE/MAX is Canada’s leading real estate organization with over 17,000 sales associates situated throughout its more than 670 independently‐owned and operated offices across the country. The RE/MAX franchisenetwork, now in its 36th year, is a global real estate system operating in more than 70 countries. Over 6,800independently‐owned offices engage nearly 100,000 member sales associates who lead the industry inprofessional designations, experience and production while providing real estate services in resident, commercial, referral, and asset management. For more information, visit: www.remax.ca For more information, please contact: Christine Martysiewicz, RE/MAX Ontario‐Atlantic Canada,905.542.2400 Eva Blay, Point Blank Communications, 416.781.3911
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