Widespread RE/MAX Report Examines Affordability in Canada
A new report from RE/MAX of Western Canada and RE/MAX Ontario-Atlantic is making waves.
The region's RE/MAX Affordability Report, which found that first-time buyers remain steadfast in their determination to buy a home despite home-buying activity slowing in Canada, received widespread attention in the Canadian news media.
The report, which was released across the country, was quoted in several of the nation's leading newspapers, such as the Globe and Mail, the Saskatoon Star-Phoenix and the Province, among others. Various radio and television stations and 23 Web sites also mentioned the report.
In all, 5.5 million consumers were exposed to the message.
While higher housing values and tight inventory levels have hampered home-buying activity so far this year, longer amortization periods and alternative housing types have offset the impact on most major markets across the country, according to the report.
The Globe and Mail referenced the RE/MAX report in the opening paragraphs of its story, "Legions of first-timers are adding years of extra mortgage payments so they can buy a house, or putting little or no money into a down payment."
The report reveals that despite a higher degree of frustration in the marketplace than in previous years, first-time buyers are resolute in their quest to buy a home. In fact, entry-level purchasers are adjusting their expectations by sacrificing size, location, and even long-term financial freedom, to overcome challenges such as rising prices and serious supply issues.
First-time purchasers continue to play a pivotal role at both the local and national levels. The impact they have on the housing market is significant, as they are the impetus for sales in the mid-to-upper price ranges. As long as this segment of the market remains healthy, the real estate outlook will continue to be favorable. It is a great time to buy in Sunny Arizona!
Copyright © 2008 RE/MAX International Inc. 5/1/08
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