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First-time Homebuyers Flood Market Despite Increasing Prices
"Entry-level buyers continue to be a driving force in real estate," Michael Polzler, Ontario-Atlantic Canada, said in a statement. "Their undaunted enthusiasm is expected to translate into sales at or ahead of last year's record levels in the spring."
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First-time buyers are "scrambling to realize homeownership" across Canada fearing housing prices will continue to soar, according to a report released Tuesday.
Higher housing values, tight inventory levels, and all-out bidding wars have yet to deter first-time buyers in major Canadian centres this year, the real estate firm said.
Many seniors chose Lindsay for their final home and retirement living. Seniors in the Greater Toronto Area are getting the idea of selling their homes, and moving to Lindsay City of Kawartha Lakes because they've discovered real estate value here allows them to take the extra cash from the sale of their old home and put it toward their retirement savings.
"Based purely on demographic trends, Canada's home ownership rate will continue to rise over the coming decade, albeit at a more gradual pace than in recent years," new report from Scotiabank Group (www.scotiabank.com) that puts Canada just below the U.S. rate of 69 per cent, but ahead of European countries and Japan. "However, this is only part of the story, as age-specific ownership rates increased in all major age groups between 1996 and 2001, a trend we expect has continued over the past several years."