First-Time Home Buyers Boost Toronto Real Estate Market | Toronto Real Estate | Toronto MLS Listings | Toronto Homes For Sale

First-Time Home Buyers Boost Toronto Real Estate Market

By Thomas Cook • April 5th, 2011

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A new report from Re/Max that was released this week is saying that first-time homebuyers looking to get into the real estate market before interest rates rise are boosting real estate markets across Canada, including the Toronto real estate market.

“Many purchasers intent on realizing home ownership are scaling back on expectations or are willing to sacrifice location, quality and/or size to make their dream a reality, not unlike generations before them,” said Re/Max.

Toronto Real Estate

First-time buyers are boosting the Toronto real estate market.

The new mortgage rules that came into effect in late March lowered the maximum amortization period for mortgages in Canada from 35 years to 30 years, but instead of stifling the Canadian real estate market this has led more buyers to be willing to compromise. The new rules also limited the amount homeowners can borrow from the value of their homes for refinancing their mortgages from 90 per cent to 85 per cent.

According to the Re/Max report, home sales have increased in some of Canada’s real estate markets and are around the same levels they were in 2010.

“With the Canadian economy on firmer footing overall, residential real estate is well-positioned moving into the traditionally busy spring market,” said Re/Max. “Consumer confidence is climbing in conjunction with economic performance, and concerns over a secondary recession fade each passing day. The mood is cautiously optimistic as first-time buyers enter the market.”

 

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About Tariq Sultan
Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

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