Time is right for first-time homebuyers, housing experts say
THE CANADIAN PRESS
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.