First Time Buyers Helps Hold up the Market

(April 15, 2012 )

According to BMO Bank of Montreal, first time home buyers are being drawn into the market by a combination of low interest rates, convenience, and urban living (where homes are close to schools, restaurants, and transit).

Early this year, it was reported 50% of those living in Vancouver are renting.  That represents a large segment of the population that is ready to buy up properties if the market takes a significant dip.  And if rates remain as low as they are, renters have reason to become homeowners themselves.  This is just another reason why our real estate market continues to hold up as it does.