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Who is Flooding the Housing Market?

by admin on July 20, 2015

Who is Flooding the Housing Market?

By: Amy Zhou

The 2015 spring housing survey conducted by the Canadian Association of Accredited Mortgage Professionals (CAAMP), found that first-time home buyers are the main drivers behind the Canadian housing markets. Home buyers between the ages of 25 and 34 years old are some of the most engaged, well-researched, and eager individuals. They give the most consideration out of every other age group as to interest rates increasing in the future.

There is a high demand from first-time home buyers. Some reasons for this is not having to continue paying rent; a change in personal circumstances, such as, getting married or moving out of parent’s home, or a change in their financial situation where they have saved enough money to purchase a home.

Young, first-time home buyers are most enthusiastic as they realize the advantages of owning a home. Their perception of financial security and pride of ownership drives them to the housing market. On average, first-time buyers are able to have approximately $67,000 as a down payment on their new home, which is around 20%.

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