(Source: Winnipeg Free Press)
First-time buyers are back in the housing game, and this is a crucial development to strengthening the overall Canadian housing market, a major real estate company said Tuesday.
Royal LePage Real Estate Service, in conjunction with releasing survey results of potential first-time homebuyers, said this segment vacated the market late last year but has returned.
“When first-time buyers stepped out of the market in the fourth quarter of 2008, at the height of the global recession, their absence was profoundly felt,” Royal LePage CEO Phil Soper said in a statement.
According to Royal LePage’s survey of Canadians likely to buy a home within the next three years, lower prices were the most popular motivation for considering a purchase, cited as the most important factor by 33 per cent of respondents. The next most popular answers were lower interest rates (27 per cent), the federal government’s new first-time homebuyers’ tax credit (12 per cent), and personal job security (10 per cent).
Read Derek Abma’s full article “First-time homebuyers coming back” in the Winnipeg Free Press (May 27, 2009).