Canadian Real Estate Market Starting to Show Signs of Promise

Lower home prices and shifting demographics mean first-time buyers could lead a rebound in Canada's real estate market, experts said Wednesday at a real estate conference in Toronto.

This wave of the children of baby-boomers begining to look at entering the housing market in addition to the number of immigrants entering Canada will assert some positive influence on our local real estate markets. Low mortgage rates, softening home values, new government incentives to first time buyers combined with large numbers of active listings have created a true buyers market here in Calgary. What we are seeing now is that more first time buyers are realizing that they can purchase their own home for very close to what they are currently paying out in rents.

With a significant number of single family detached homes now selling at and around the $300,000 mark some 'echo-boomers' are able to get into their first home for around $1250 per month. This makes a lot of financial sense considering the fact that many young couples are paying rents anywhere from $1100 - $1500 per month. We are also seeing a larger number of enquiries about condominiums from young single professionals that are wanting to be close to their place of work in the city center. With the 'over-built' condo market, these single professionals are out looking for a bargain.

Craig Harding

RE/MAX Real Estate ( Central )

Calgary, AB

www.NoRestRealty.com