As one of the top 10 things to buy during this economic downshift, houses are becoming more affordable.
“The uptick in first-time home buyer purchases across the country is quite astonishing,” said Soper, speaking Tuesday at a BMO conference on Canada’s housing market.
“Affordability in places like Vancouver has improved for the first time in a very long time.”
BMO senior economist Sal Guatieri said the average mortgage payment has fallen by one-third or $600 a month from its peak, while average resale home prices have fallen 14 per cent from their highs.
Guatieri said he expects resale prices to fall “moderately further” this year for a cumulative decline in prices of approximately 20 per cent.-CBC News.ca
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