5 Apr 2011

Low interest rates a motivator for first-time home buyers in Canada

As the Greater Toronto area has shown a steady increase in the number of people moving to the area and buying storage units and homes over the past few months, a new report may explain why.

According to a report issued by RE/MAX, low interest rates appear to be among the most significant factors for why there has been an increase in home sales throughout much of the country.

Elton Ash, regional vice president for the real estate company in West Canada, said this finding is an indication home sales will likely be swift in the spring.

"Consumer confidence is climbing in conjunction with economic performance," Ash said. "The mood is cautiously optimistic as first-time buyers enter the market."

Ash's market, Western Canada, saw the most significant increase in home sales, but the Greater Toronto area fared well also, with sales 5 percent higher compared to last year.

Other possible reasons for why more people are flocking to the Toronto area is its overall liveability. Taking factors like education, infrastructure, home prices and environment into account, Economist magazine found Toronto to be the world's fourth most liveable city of the 140 that were considered.
 

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