April 5, 2011
Further, the report found that the federal government’s new conditions for mortgages, that reduced the maximum amortization period for government-insured mortgages to 30 from 35 years and limited the amount people can borrow when refinancing their mortgages, are not scaring first-time buyers away.
Instead, says, Michael Polzler, Re/Max’s executive vice-president for Ontario and Atlantic Canada, “Many purchasers intent on realizing home ownership are scaling back on expectations or are willing to sacrifice location, quality and/or size to make their dream a reality, not unlike generations before them.”
Sounds reasonable, to us.
According to Re/Max, homes sales are up from this point last year in over 30 percent of Canadian markets, and prices are up in 70 percent of markets – with Vancouver powering the charge in both categories. Other Western cities like Saskatoon and Winnipeg are also posting notably strong numbers.
Toronto, not one to left behind, has so far seen a 5 percent increase in its average sale price year-over-year.