Jump to content

      













Photo

B.C. is Canada's condo capital for first-time buyers


  • Please log in to reply
6 replies to this topic

#1 amor de cosmos

amor de cosmos

    BUILD

  • Member
  • 4,444 posts

Posted 20 February 2008 - 03:17 PM

B.C. First-Time Homebuyers Lead Nation in Condo Purchases: Survey

B.C. is Canada's condo capital for first-time buyers

TORONTO, Feb. 20 /CNW/ - First-time homebuyers in British Columbia lead the nation in those choosing a condominium for their first home, according to a new report released today by Genworth Financial Canada, The Homeownership Company, a subsidiary of Genworth Financial, Inc. (NYSE:GNW).

"First-time buyers in B.C. are going the condo route at a rate of almost double that of first-time buyers elsewhere in Canada," said Peter Vukanovich, president of Genworth Financial Canada.

Among Canadians making their first home purchase, an average of 14 per cent of B.C. respondents surveyed for Genworth's latest First-Time Homebuyer's Monitor indicated they were either planning to buy a condo or had already bought one. Low-rise condo buildings were preferred slightly by B.C. buyers to high-rise buildings.

"The condo markets in Vancouver and Victoria remain vibrant; both cities are estimated to have posted record-high starts volumes in 2007. Condo's are filling the need for relatively affordable housing in the province where available land for new home construction is limited, making B.C. Canada's condo capital for first-time buyers," Vukanovich said.

Genworth's winter First-Time Homebuyer's Monitor provides a comprehensive snapshot of the preferences and expectations of first-time buyers across Canada. Property taxes, interest rates and high monthly payments were the highest ranked among a list of seven issues first-time buyers were asked about, while concerns that housing values might decline in the future ranked the lowest, including among B.C. buyers.

"Overall, this report illustrates that Canadians continue to have confidence in the strength of the housing market. They take cyclical market fluctuations in stride and are focused on the long term benefits of building equity sooner", said Peter Vukanovich, president of Genworth Financial Canada.

*snip*

The Genworth survey highlighted some interesting perspectives:
- The most common level of down payment intended was between 5-10 per cent, while 25 years was the most preferred amortization term and a five-year mortgage term remains most popular nationally.
- Nationally, most first-time buyers planned to spend between $100,000-$199,000, except in Alberta and the Greater Toronto Area, where respondents cited $200,000-$299,000, and British Columbia where first-time buyers expected to pay $300,000-$399,000.
- Almost 60 per cent of first-time buyers said they'd get mortgage information from the Internet, including the use of online mortgage calculators to see what monthly payment they could afford.

The full Genworth Financial First-Time Homebuyer's Monitor is available at www.genworth.ca.

*snip*

http://www.newswire....8/20/c4130.html

#2 VicHockeyFan

VicHockeyFan
  • Suspended User
  • 52,121 posts

Posted 17 January 2017 - 01:20 PM

Check out the slick answers to the new buyer assistance program.   Not bad!

 

http://www.goldstrea.../410876475.html

 

After the program was announced, some economists criticized the move saying it would only drive up housing prices by creating more competition in the market.

 

"They're wrong," Coleman said when asked about the program's potential to raise housing prices.

"Let's say 10,000 people took advantage of this ... This isn't going to fuel the market. It's not large enough to change the market."

 

The program wasn't designed to respond to sky-high housing prices in Vancouver, Coleman said, but to help first-time buyers across the province.

 

"The market prices are different, but the ability to get into your first home and stabilize your family in home ownership is a good thing," he said.

 

The program could also open up the rental market, by transitioning renters into home ownership, he said.

 

The province previously announced that it is spending around $500 million to increase rental housing.

Coleman said the combination of the loan and rental programs would ideally make both real estate and rental markets more affordable.

 

He said the anticipated cost of about $703 million for the first-time buyers program is not being funded by taxpayers.

 

"We already have the dollars from where we're at with the property transfer tax," he said, adding funds generated from taxes introduced last year on luxury homes and foreign buyers helped make the program possible.

 

More than 40,000 families are expected to benefit from the province's first-time buyers program over the next three years.

 

And the kicker:

 

"This opportunity will change a number of lives," Coleman said.

 

 

We're saving changing lives here!


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#3 lanforod

lanforod
  • Member
  • 6,672 posts
  • LocationSaanich

Posted 17 January 2017 - 01:24 PM

I don't necessarily think he's wrong here. However, there are probably better ways to spend this kind of money, and have a better impact. One thing I could think of is to pay some or all of the CMHC costs for a first time home buyer.



#4 LeoVictoria

LeoVictoria
  • Member
  • 2,806 posts

Posted 17 January 2017 - 01:48 PM

Does he even hear himself?

 

"Let's say 10,000 people took advantage of this"

More than 40,000 families are expected to benefit from the province's first-time buyers program

 

Which is it?

 

He said the anticipated cost of about $703 million for the first-time buyers program is not being funded by taxpayers.

"We already have the dollars from where we're at with the property transfer tax,"

 

So it's being funded by a tax but not by taxpayers?  I want what he's smoking.


  • VicHockeyFan and http like this

#5 MarkoJ

MarkoJ
  • Member
  • 4,519 posts
  • LocationVictoria

Posted 17 January 2017 - 02:32 PM

Sad thing is they will probably have to hire a whole department to oversee this program.  It is registered against tile, etc., there is lot of admin to do.  Probably 20 full time jobs, 2 managers, and some class A commercial space downtown.


  • LeoVictoria likes this

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#6 LeoVictoria

LeoVictoria
  • Member
  • 2,806 posts

Posted 17 January 2017 - 04:13 PM

Sad thing is they will probably have to hire a whole department to oversee this program.  It is registered against tile, etc., there is lot of admin to do.  Probably 20 full time jobs, 2 managers, and some class A commercial space downtown.

 

Don't worry the esteemed minister says your taxpayer dollars are not being used for it.  Probably staffed by volunteers.



#7 http

http

    Data Sans Practicality

  • Member
  • 1,024 posts

Posted 17 January 2017 - 05:14 PM

Does he even hear himself?

 

"Let's say 10,000 people took advantage of this"

More than 40,000 families are expected to benefit from the province's first-time buyers program

 

Which is it?

 

He said the anticipated cost of about $703 million for the first-time buyers program is not being funded by taxpayers.

"We already have the dollars from where we're at with the property transfer tax,"

 

So it's being funded by a tax but not by taxpayers?  I want what he's smoking.

 

You're listening to an elected official while using an attention span of more than three seconds.  Report to Re-education Camp #117.


  • VicHockeyFan and lanforod like this
"Who are those slashdot people? They swept over like Mongol-Tartars." - F. E. Vladimirovna

 



0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users


To advertise on VibrantVictoria, call us at 250-884-0589.