Re/Max Ontario Atlantic released a report today that states that in most of the major market in Canada, buyers are in control.
When you consider that is was the first time home buyers that drove the decade-long housing boom, it is no wonder that they are considered the panacea for sagging sales.
“While the current economic crisis has caused some first-time buyers to either take it slowly or apply the brakes, home ownership remains a top priority for those who are able to take advantage of reduced carrying costs, rock bottom interest rates and lower house prices,” explains Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Affordability has greatly improved and buyers are firmly in the drivers’ seat in just about every market we surveyed. The new reality is that homeownership remains well within reach for most first-time buyers.”
Waiting until the market bottoms out is a gamble. Buying when we know: prices are down, money is cheap and sellers are motivated, makes good common sense.
Looking for the full report on Re/Max’s real estate market analysis, you can find it here.