Are First-Time Homebuyers Driving the Vancouver Real Estate Market?

As I talked about in my post yesterday, first time buyers are returning to the Vancouver real estate market in significant numbers. Well-priced, good quality homes are selling fast and even the odd multiple offer is occurring.

There is another article about the first-time buyer phenomenon in today’s Globe and Mail.

We often see first-time buyers driving the market when it hits bottom. These buyers have the greatest flexibility to take advantage of lowered prices (and right now the incentive also includes tax breaks as well as low interest rates) because they don’t have to sell anything first.

When first-time buyers move into the market, the homes that had been languishing get sold. Those sellers are then able to move on to their next purchase and the result is that a stagnant market gets rejuvenated by the initial purchases of the first-time buyers.

Vancouver real estate sales in February were way up over January. The greatest activity was in the markets that would traditionally be active amongst first time buyers. However, I am now beginning to hear of anecdotal evidence that higher priced listings are also beginning to move. I wonder if the Vancouver MLS statistics this month will show any concrete evidence of this…or could it be wishful thinking?

More Info for Vancouver First Time Home Buyers

Are you a first time home buyer? Finding it hard to get the information that you need to make an informed decision in today’s real estate market? You’ll find the resources that you need tailored for you, the Vancouver First Time Home Buyer here.

If you have questions, or would like to get started on your search, contact me here or send me a quick email.

Copyright © 2009 Vancouver MLS Statistics in the Vancouver Real Estate Blog by Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside ”Are First Time Homebuyers Driving the Vancouver Real Estate Market?”