Concerned about continuing predictions of further interest rate increases, first-time home buyers are pushing real estate markets upward throughout Canada, according to the 2011 First-Time Buyers Report released by RE/MAX today.
Increasing consumer confidence, improved economic performance, and fading concerns about a double-dip recession have instilled cautious optimism amongst buyers, which has helped contribute to increased average selling prices in close to seventy per cent of reported markets.
Toronto home buyers feeling dismayed by the return of bidding wars can look to Vancouver for some solace; average selling prices have increased 20 per cent year to date in Vancouver, compared to only a 5 per cent increase in the Greater Toronto Area.
RE/MAX Ontario-Atlantic Executive VP Michael Polzler discusses highlights of the report in the video below. You can also read the full report by clicking here.