BC Real Estate > BC First-Time Homebuyers

BC First time homebuyers not getting what they want

The Vancouver Sun reported on Wednesday, December 12, 2007:

British Columbians are making compromises and relying on financial help from families, but are still getting into the province's escalating property markets, according to a national real estate firm.

Century 21 Canada, on Tuesday, released results from a survey of its brokers on first-time buying.

The firm points to Statistics Canada numbers on home ownership, which show the rate at which people are buying their own property is growing faster than the population.

However, particularly in B.C.'s high-priced markets, the buyers aren't getting exactly the property they want where they want to live.

Century 21 Canada president Don Lawby, in an interview, said buying habits are changing because "that's just the reality of the marketplace today, for first-time buyers especially.

"They may have the great desire to have a wonderful lot and a detached home, but their financial wherewithall won't allow that."

Settling for locations that are less desired is something Christina Pughe, a mortgage-development manager at Vancity credit union is familiar with. Recent clients, a young couple, bought an apartment in Pitt Meadows when they really wanted to live in Richmond. "That's a long commute," she said.

Pughe added that a colleague worked with four clients who wanted to live in Vancouver, but bought in Surrey.

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