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First time buyers to be a greater force in 2007 market

Home buying intentions surveyed in 10 major markets by CMHC

The real estate market just keeps charging on, breaking records month after month in urban centers all across Canada. With more and more homes changing hands with each successive month, it raises the question of where do all these homebuyers come from? This year, one of the answers appears to be that there will be more first-time buyers entering the housing market for the very first time. At least, that's one of the findings of a recent and very comprehensive CHMC survey on the home buying intentions of urban Canadians.

Approximately 1.5 million households in 10 major Canadian centres were surveyed in the Renovation and Home Purchase Survey recently released by Canada Mortgage and Housing Corporation (CMHC). On the home purchasing front, eight per cent of households across the 10 major centres surveyed intend to purchase a home in 2007 that will be used as a primary residence. About half of the households that stated they intend to purchase a home in 2007 are first-time buyers, compared to only 40 per cent in 2006. That represents a jump of close to 10 per cent in just the space of one year, and could potentially represent a significant impact on an already active market. The majority of first-time buyers are between the ages of 25 and 34, with a household income between $80,000 to about $100,000. That income level, combined with today's very attractive mortgage rates, puts the dream of home ownership well within reach of this buyer group.

Not surprisingly, home buying intentions are strongest in the booming economy of Western Canada. Calgary led the way, as 14 per cent of households reported that they are considering buying a home this year. Purchase intentions are also strong in Edmonton where 11 per cent of households plan to buy. The share is lowest in Montréal and Québec (6 per cent).

If you'd like to know more about market conditions, home prices and the availability of buyers in your own community please contact me at http://www.epsteinrealestate.com
Published Thursday, July 26, 2007 9:32 AM by Jordan Epstein
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