Report: First-Time Buyers Driving Canadian Market

Dozens of news outlets picked up a RE/MAX report released earlier this month which confirmed that entry-level purchasers are driving home-buying activity across most of Canada.
The 2009 RE/MAX First-Time Buyers Report, which examined first-time home buying activity in 32 residential housing markets across Canada, found that improved affordability is prompting many first-time buyers to get off the fence, out of a rental, and into the market. RE/MAX of Western Canada compiled the statistics.

The report’s findings were featured in various news articles in the country’s top newspapers such as the Ottawa Citizen, Toronto Star, Edmonton Journal, and Vancouver Sun, among others.

While a sense of caution still prevails, more and more first-time buyers are finding it hard to pass up the chance to become homeowners in today’s buyer-centric climate, according to the report. Increased inventory and longer days on market coupled with the lowest lending rates ever are presenting new opportunities.

"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 acclimatized to 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 venturing forward, undeterred by tighter lending criteria."
Copyright © 2009 RE/MAX International Inc. 3/27/09