“Confidence appears to be seeping back into the housing market, with young Canadians the most optimistic that now is a good time to buy, according to the Royal Bank of Canada’s annual homeownership survey. In the under-35 group, 48 per cent said they plan to buy, which is up sharply from 36 per cent last year. Renters also appear to be saying they are tired of paying someone else’s mortgage payment, with 38 per cent planning to become homeowners in the next two years. Royal Bank predicts that lower prices will lure a growing percentage of Canadians back into the housing market in the next two years.”
Source: Globe and Mail Update, March 4, 2009 at 4:04 PM EST, Virginia Galt
This mirrors our experience at SCHMIDT. First-time buyers are keeping us very busy at the moment! Realtors tend to be an optimistic sort, and I have been looking forward to increased market activity once prices became appealing enough to entice first time buyers into the market. While I certainly feel for sellers who have had to deal with the challenges of softening prices, it is definitely good to see more renters becoming home owners!
Contributed by Schmidt Realty Group Broker Owner, Kathy Schmidt
