Tuesday, April 14, 2009

Time is right for first-time homebuyers, housing experts say


TORONTO - Panelists at a BMO real estate conference say there is no doubt that now is a great time for first-time homebuyers.

President and CEO of Brookfield Real Estate Services (TSX:BRE.UN) Phil Soper says affordability in many parts of the country is improving for the first time in a long time.

He says the housing market has shifted from a seller's market to a buyer's market, which is good news for someone looking to buy their first home.

And BMO economist Sal Guatieri says the average mortgage payment has fallen one-third or $600 from its peak.

He says the average resale price of a home has fallen 14 per cent from its peak and will fall "moderately further" this year.

John Prince, Alberta licensed real estate agent, MaxWell City Central – Crowsnest Pass. Serving the Crowsnest Pass and area. Call me directly at 403-564-4518 or by email at: johnprince@shaw.ca

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