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First-time buyers driving force in Canada's residential real estate markets, says RE/MAX
Mississauga, Ontario (March 11, 2009) - A report released today by RE/MAX confirms that entry-level purchasers 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 housing markets across Canada found that improved affordability is prompting many first-time buyers to get off the fence, out of the rental, and into the market.
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 a sense of caution still prevails, more and more first-timers are finding it hard to pass up the chance to become homeowners in today's buyer-centric real estate climate.
The new reality is that homeownership remains well within reach for most first-time buyers."
"While the current economic crisis has caused some first-time buyers to either take it slowly or apply the brakes, 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 are firmly in the drivers' seat in just about every market we surveyed.