A post on YourHome.ca points out that while first-time home buyers in Canada might be a cautious lot, but they will buy if the price is right.
While the economy remains a huge concern, lower prices and interest rates are spurring them to buy in the spring market, according to a report released yesterday by Royal LePage Real Estate Services.
According to a poll by Pollara Research, done for Royal LePage, 86 per cent of Canadians say lower interest rates make them more likely to buy a home. Eighty-one per cent say lower prices are another motivating factor.
Royal Bank of Canada announced it was hiking rates on five-year to 10-year closed mortgages by 0.20 per cent. This is the first such increase in eight months.