Repeat buyers to lift housing market over next 2 years: Re/Max
A Re/Max survey says 70 per cent of home sales in the next 24 months will be to repeat buyers with some previous experience as owners.
According to a December survey conducted by Re/Max, the impending lift in Canada's housing market will be fuelled by experienced buyers. Findings also indicated that first-time buyers will make up a third of the market, and one in five will be single.
As Gurinder Sandhu, executive vice-president and regional director of Re/Max Ontario-Atlantic Canada stated, "Purchasing patterns have evolved, with a more conservative, fiscally responsible purchaser moving to the forefront". Sandhu also noted that while some buyers are taking the opportunity to downsize, buyers that are planning to move up have accumulated significant equity in their existing homes.
The overall impression of the survey is optimistic. "Regardless of income, gender, age, or location, most Canadian residents shared considerable confidence in Canada's housing market," Sandhu said. The survey was conducted in December, with 1,109 respondents.
To discuss if now is the right time for you to enter the housing market, talk to an Ottawa Mortgage Broker.