Driven by the threat of higher interest rates down the road, first-time buyers are contributing to strong upward momentum in residential housing markets across the country, according to a report released yesterday by RE/MAX.
The RE/MAX First-Time Buyers Report, highlighting trends and developments in 19 major Canadian centres, found that low interest rates and balanced market conditions have provided significant impetus in 2011, particularly at lower price points.
Just over 30% of markets are reporting sales in excess of 2010 levels as a result, while almost 70% have experienced an upswing in average price.
Leading the country in terms of percentage increases in the number of homes sold are Western Canadian markets, including Saskatoon (up close to 15%), Greater Vancouver (up close to 12%), and Winnipeg (up just over 11%). With an average price hike of close to 20% year-to-date (February), Greater Vancouver continues to show unprecedented strength, followed by Hamilton-Burlington (8%), Quebec City (7%), Winnipeg (close to 7%), Greater Toronto (5%), and Greater Montreal (5%).
The RE/MAX First-Time Buyers Report, highlighting trends and developments in 19 major Canadian centres, found that low interest rates and balanced market conditions have provided significant impetus in 2011, particularly at lower price points.
Just over 30% of markets are reporting sales in excess of 2010 levels as a result, while almost 70% have experienced an upswing in average price.
Leading the country in terms of percentage increases in the number of homes sold are Western Canadian markets, including Saskatoon (up close to 15%), Greater Vancouver (up close to 12%), and Winnipeg (up just over 11%). With an average price hike of close to 20% year-to-date (February), Greater Vancouver continues to show unprecedented strength, followed by Hamilton-Burlington (8%), Quebec City (7%), Winnipeg (close to 7%), Greater Toronto (5%), and Greater Montreal (5%).
Click this link to see Remax article and video
http://www.remax-oa.com/media-newsroom/article/65/
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