Entry-level purchasers are now the engine driving home-buying activity in almost every major centre in Canada, according to a recent report released by RE/MAX.

The 2009 RE/MAX First-Time Buyers Report, highlighting first-time buying activity in 32 residential housing markets across Canada, found that improved affordability is prompting many first-time buyers to get off the fence, out of the rental, and into the market.   While a sense of caution still prevails, more and more first-timers are finding it hard to pass up the chance to become homeowners in today’s buyer-centric real estate climate. Increased inventory and longer days on market, coupled with the lowest lending rates ever, are presenting opportunities that have not been seen in almost a decade. 

While the current economic crisis has caused some first-time buyers to either take it slowly or apply the brakes, home ownership remains a top priority for those who are able to take advantage of reduced carrying costs,...

When making the decision to move to that new home the most critical question at the start of the process is what will I sell this one for?? Your realtor will work to provide a Comparative Market Analysis (CMA) factoring in recent sales, current listings and those properties that were listed and did not sell. Then arriving at a price range, or in some cases an exact figure. Armed with all this data it’s usually your call to decide an asking price. Being realistic in your pricing is particularly important in a market where prices are falling (Buyers Market). When buying and selling in the same market as in “Trading Up” it’s the net difference between the two property prices that is key to the equation.

A buyers market that requires you sell your property for 10% less also allows you in turn, to make a purchase for 10% less. If you sell your $400,000 home for $360,000, or a perceived $40,000 loss. You can then buy a $500,000 home for $450,000 a reduction of $50,000. The difference...

Spring is in the air… and in my garden. The snow has finally cleared from the darkest recesses of the back yard and today some pink blossoms can be seen on yet another unknown plant in my front yard!. Things are definitely looking up on all fronts. As has been reported in local media, February saw an uptick in reported sales through the Vancouver Real Estate Board and further afield. Open homes continue to be very busy with an obvious consumer profile… first time buyer couples. With kids and pre-approved mortgages in hand, they’ve been beating the streets and banging on doors for the past few weekends. It’s exciting to finally see an opportunity for these first timers to get a piece of the action in Canada's most reported and previously unaffordable housing market.

Opportunities in this market are not only limited to the first timer… “Trading Up” is a term used for those who seize an opportunity to leverage the equity in an existing property and take...