May 4th - 2011

MARKET WATCH: First-time buyers strive to get ahead of higher interest rates

Driven by the potential of higher interest rates in the future, first-time buyers are contributing to a strong upward momentum in residential housing markets across the country, according to a recent RE/MAX report.

Driven by the potential of higher interest rates in the future, first-time buyers are contributing to a strong upward momentum in residential housing markets across the country, according to a recent RE/MAX report. The RE/MAX First-Time Buyers 2011 Report, highlighting trends and developments in 19 major Canadian centres, finds that low interest rates and balanced market conditions have provided a significant push in 2011, particularly at lower price points. Slightly more than 30 per cent of markets across the country are reporting sales in excess of 2010 levels as a result, while almost 70 per cent have experienced an upswing in average price. To view the complete report, visit www.remax.ca and click on Re/Source Centre and then on Media Room.

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Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246