FIRST-TIME BUYERS STILL SEARCHING FOR HOMES AND CONDOMINIUMS
According to an article in the Vancouver Sun today in the Business section first time buyers are still looking to purchase a property.
Last year at this time we were looking at many more multiple offers on one property. The market still continues to be strong and healthy but there are less multiple offers and it is becomming a more balanced market. Many people are looking at purchasing a smaller property or having a longer mortgage, even buying in a neighborhood that they hadn't considered because there is still confidence in the market. It has been estimated that 35% of home sales in Greater Vancouver involve a first-time buyers.
The Bank of Canada is being aggressive about keeping tighter credit conditions so that the U.S. recession does not influence our economy. Although the real estate market is not in a frenzy like last spring, it is still solid.