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.Source: The Canadian Press
Housing market advantage swings from seller to buyer
It’s a good time to buy a house but a bad time to sell one, according to some reports released Wednesday.
The most recent Teranet-National Bank composite house-price index — a measure of six major urban markets across Canada — showed house prices in December down 0.6 per cent from a year earlier.
“It confirms that by year end, after more than five years of seller’s-market conditions, Canadian housing as a whole had become a buyer’s market,” National Bank Financial said in a statement accompanying the numbers.
Source: Canada.com
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