Savvier First-Time Home Buyers Continue To Get What They Want
Posted by Kerri Demski - PREC on
First-time buyers contribute to strong upward momentum in
residential housing markets across the country. This demographic typically
accounts for 40-60% of the homes purchased in any given real estate market.
However, recent changes to financing criteria that came into effect in March, didn’t
really create the anticipated frenzy in activity. Most rookie home buyers
remain practical and are buying within their means – the message is getting across
while having a negligible effect on demand.
During the first two months of this year, there were 5000 homes sold in Vancouver, and over 45% of those homes were condos priced under $500,000, clearly indicating continued strength in the first-time home buyer market and this trend hasn’t declined in the midst of…
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Vancouver is in the midst of a strong spring in real estate as home buyers continue to enter the housing market at near record levels. There have been 4,080 sales in March, 2011 which represents a 31.7% increase compared to February, 2011 and an increase of 30.1% compared to March, 2010. The all-time sales record for March was in 2004 when 4,371 real estate transactions occurred.