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FIRST TIME BUYER'S REPORT
Montreal
The first-time buyer’s market in Montreal continues to experience strong activity levels, as low interest rates attract new buyers into the market. Current inventory levels in Montreal have been advantageous for first-time buyers, as a wealth of new home construction geared toward move-up buyers has in turn provided more resale homes that are available in the first-time buyer’s price range.
“Montreal has the distinction of having the greatest percentage of renters of all the major cities in Canada, meaning the current pool of prospective first-time buyers is very large,” said Gino Romanese, senior vice-president, Royal LePage Real Estate Services Ltd. “Montreal residents are starting to grow weary of the possibility of rising interest rates, and have witnessed the strong price appreciation their city has experienced in the last few years, which is motivating them to enter the market as soon as they can afford to.”
Condominium properties remain an affordable option for buyers in Montreal who are looking to live downtown. Entry-level buyers looking to secure a home in trendy neighbourhoods such as Notre-Dame-de-Grâce are the family oriented West Island benefiting from increased inventory of properties in their price range. These buyers are mostly couples seeking a cape-cod style or semi-detached home priced around $250,000, usually located in the more affordable western Notre-Dame-de-Grâce and West Island areas
Many first-time buyers in Montreal have been opting for closed rate mortgages rather than taking the slightly riskier variable rate mortgages, which have been more popular with experienced homebuyers. Neighbourhood has continued to be a prime deciding factor for first-time buyers in Montreal, although strong price appreciation has put properties in popular areas out of the price range of some purchasers. A common mistake among first-time buyers is to compromise on the location of the home they purchase for the sake of saving money on the initial purchase price of the house. It is important for first-time buyers to consider other factors such a proximity to family, friends, and work.
Added Romanese: “First-time buyers should look at buying a home as a needs driven decision, as well as an investment driven decision. It is important to buy the home that suits your needs now, and for the foreseeable future. The location and amenities that you choose for your home should suit your lifestyle, and should not be based solely on what you feel will be the most profitable investment.”

ROYAL LEPAGE SURVEY: CONDOMINIUM OWNERSHIP TO JUMP AMONG FIRST-TIME BUYERS
First-time homeowners require understanding of ownership costs
TORONTO, August 25, 2005 – First-time buyers will increasingly favour condominiums with the rate of condo purchases projected to double among this group in the next three years, according to a report released today by Royal LePage Real Estate Services. Of those who bought their first property in the past five years, 10 per cent bought condominiums, while 21 per cent of potential buyers* intend to purchase one. Detached homes are expected to account for a smaller proportion of sales among potential buyers than they have in the past five years.
The Royal LePage First-Time Homebuyers’ Report 2005 comprises a national omnibus poll of recent first-time homeowner and buyer attitudes (conducted by Maritz Research) and a market analysis of trends and activity in major markets across Canada.
According to Scotiabank, who participated in the report, strong economic fundamentals, low interest rates and flexible finance programs have made home ownership an attractive prospect for a diverse group of entry-level buyers. First-time buyers tend to be well informed on most aspects of buying a home, however the survey found that they demonstrated a need to focus more on long term planning.
New homebuyers and potential buyers were asked: “If you have a $150,000 mortgage and the interest rate increases from 5% to 6%, approximately how much more would you pay over the next ten years?” The majority of respondents (39%) said they did not know how much they would pay.
Only 18 per cent of respondents estimated correctly ($10,000 to $15,000).
“Today’s first-time buyers have a large volume of information and educational tools available to them. They are an incredibly savvy demographic when it comes to using the Internet to research the real estate market, neighborhoods and properties,” said Phil Soper president and CEO of Royal LePage Real Estate Services. “While they are more knowledgeable than first-time buyers in previous years, they are still largely inexperienced in the complexities of a real estate transaction.”
Added Soper: “First-time buyers are well aware of the possibility of interest rate increases and factor them into their decision to buy, but their awareness on how an interest rate increase could affect their future finances is surprisingly low. We encourage first-time buyers to take both current and future financial needs into account.”
“Despite the steady rise in home prices in recent years, Canadians’ mortgage servicing costs have remained close to record low levels – thanks to low interest rates and healthy income gains,” said Charles Lambert, Managing Director, Mortgages at Scotiabank. “Nonetheless, with interest rates expected to drift modestly higher over the coming year, it’s important that first-time homebuyers have a strategy in place to properly structure their borrowing.”
Lambert advises potential homeowners to “do your homework – crunch some numbers and know what you can afford when you go out shopping for that house or condominium.”
Additional poll findings:
Demand among first-time buyers is projected to ease following the furious pace observed in the market over the past several years. Among renters who never owned a home, 37 per cent said they would potentially purchase in the next three years compared with 42 per cent in 2004.
As condominiums increase in popularity, the popularity of bungalows is on the decline. Thirty-three per cent of new homeowners purchased a bungalow, while only 25 per cent of potential buyers intend to buy one.
Regional Summaries
Current inventory levels in Montreal have been advantageous for first-time buyers, as a wealth of new home construction geared toward move-up buyers has in turn provided more homes that are available in the first-time buyer’s price range. Condominium properties remain an affordable option for buyers in Montreal who are looking to live downtown. Entry-level buyers looking to secure a home in trendy areas such as Notre-Dame-de-Grâce and the family oriented West Island are also benefiting from increased inventory of properties in their price range.

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Becoming a homeowner is beneficial for you!

Are you currently renting and thinking about joining the ranks of homeowners? You should know that in addition to providing numerous financial benefits, buying a house will also allow you to improve your quality of life.

When you become a homeowner, your whole family benefits from a stable environment that matches your lifestyle. Besides providing privacy and sound financial management, becoming a homeowner also translates into more freedom, a strong feeling of pride and peace of mind. A worthwhile investment!

Here are some of the main advantages for you.

A well-adapted home
Being a homeowner means first and foremost living in a house that satisfies your tastes and is well suited to your lifestyle.
Your family is growing and you want to have a backyard and a basement playroom for your children? The purchase of a house can allow you to benefit from such spaces and will also be a good long-term investment. Condominiums and multiplexes offer other benefits: less maintenance in the first case and supplemental income in the latter.

Building capital
Paying a house is a bit like making long-term savings. Instead of paying rent to someone else, your monthly mortgage payments are used to finance your assets and build sizeable capital that you will recover upon completing your payments.

An investment that pays
Everywhere in Canada, the value of real estate investments greatly increased in value in 2002 and 2003. In the Greater Montreal area, the average price increase was 13% and 16%, respectively. The average price of a single-family home in the Greater Montreal area increased to $166,000 in 2003 from $107,000 in 1996, representing a 55% growth, or an "average yield" of 7.9% per year.

Taking advantage of fixed payments
Tired of rent increases? Unlike tenants who must deal with these fluctuations, you, as a homeowner, can ensure fixed payments for yourself over many years and, depending on the type of mortgage you choose, protect yourself against possible interest rate increases.

A new lifestyle
Unleash your creativity and decorate your house as you wish without worrying about any restrictions imposed on tenants. The significant amounts invested in your decoration or renovation projects will benefit you, and not someone else. Moreover, nobody will force you to leave or enter your home for an inspection or maintenance.