2016 is great time for first-time buyers says mortgage lender

This year will continue to offer first-time buyers a good opportunity to enter the property market in the Greater Toronto Area says the boss of a Canadian mortgage lender. Bob Aggarwal of Canadalend.com cites TREB data which shows that 53 per cent of buyers in the GTA were first-timers with millennials expected to drive the region’s home sales in 2016.

“Improving regional economic conditions in the GTA and low interest rates helped a record number of people get onto the property ladder in 2015. The majority of whom were first-time homebuyers,” Aggarwal said. “This reinforces the belief that there is not an affordability issue in the GTA; it also shows that first-time property buyers in the GTA view home ownership as a great long-term investment. And with the Bank of Canada holding its key lending rate at 0.5%, it continues to be an excellent time for first-time homebuyers to enter the housing market in the GTA.”

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