5G ~ Friday, October 9, 1992 ~ North Shore News

(EEF SENSIS OS

First-time buyers are buying

FIRST-TIME BUYERS
purchased homes at a record
pace in Canada during the
first six msonths of 1992, ac-
cording to the Royal LePage
Survey of Real Estate Con-
sumers.

The survey of 32,000 con-
sumers in 11 citics showed
first-time purchasers made
up 37% of all home buyers
in the first six months of
1992, compared with 35%
in the same period in 1991.

. Toronto Jed the country
in percentage of first-time
buyers at 50%, even

showed a decline in the per-
centage of first-time buyers
year-over-year.

“t's obvious that the
RRSP home ownership
plan, coupled with the new
95% financing program and
lower mortgage rates, accel-
crated the participation of
first-time buyers,’’ says
Gino Romanese, Royal
LePage executive vice-
president.

Romanese notes that
more than 26,000 applica-
tions for the 5% dowspay-
ment program were approv-
ed nation-wide in the three
months after it was first

Corporation in February.

Romanese says it’s clear
that the introduction ef the
RRSP prograin in February,
which allows Canadians to
borrow up to $20,000 from
their RRSPs tax-free, was
aiso partially responsible for
the spike in first-time buy-
ing activit

“The first quarter of the
year is traditionally the most
active time for first-time
buyers, but we've seen new
peaks in many cities, not
only early in the year but
continuing into the second
quarter as well,”* says
Romanese. ‘In Vancouver,

though the city has the se-
cond highest house prices in
Canada. Only Montreal

first-time buyers made up
34% of all buyers.

announced by Canada
Mortguge and Housing

Kim Jow 922-2834

RE/MAX real estate services

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