According to Re/Max Ontario Atlantic, St. Catharines ranks 3rd among most affordable cities for first time buyers. It is indeed about time St. Catharines got noticed. When our average single detached goes for about 50% of Toronto, Oakville and Burlington, it's amazing we haven't become another bedroom community like Barrie.
This was the article in today's Standard....
St. Catharines hot spot for 1st-time buyers: study
If you're planning to buy your first residence, there's no place like home.
Entry-level homes in St. Catharines are among the most affordable in Canada and there's a decent supply of them.
Mortgage rates are at record lows and government incentives are making starter homes attractive.
These trends were revealed in a study Wednesday of first-time buyers by the Re/Max real estate company.
It places St. Catharines third in Ontario of markets surveyed for most affordable detached homes.
The Garden City real estate scene is also almost perfectly balanced between buyers and sellers, it said.
Re/Max said 22 of the 32 Canadian markets in the survey, or 69 per cent, "remain firmly in buyer's market territory."
"This is a great time for first-time buyers," said Al Hines, president of the Niagara Association of Realtors. "And (I agree) we are also a balanced market here between buyers and sellers."
Most homes sold last month in Niagara were in the $150,000 to $250,000 range, Hines said. Those prices are also in the ballpark for first-time home buyers, he said.
The report put a typical entry-level detached home here at $125,000. The most affordable markets for detached homes, based on starting prices, were Moncton at $115,000, Windsor at $75,000 and Winnipeg at $185,000.
The favourable climate for first-time buyers is for several reasons, Hines said.
"Extremely low interest rates (at 4.29 per cent for a five-year, fixed-rate mortgage) have been really driving first-time buyers," he said.
First-time homeowners can now get tax credits for land-transfer taxes and home renovations.
Re/Max said the average overall home sale price in St. Catharines in February fell just over four per cent, compared to the year before, and stands at $197,050. Hines said his Association puts that figure at $198,465.
However, the report said local prices for starter homes and condos in February stayed stable, year over year.
Central and downtown St. Catharines remain popular choices for affordable starter homes, Re/Max added.
Locally, there's a "good selection of properties available for sale," it said.
Entry-level homes in St. Catharines are among the most affordable in Canada and there's a decent supply of them.
Mortgage rates are at record lows and government incentives are making starter homes attractive.
These trends were revealed in a study Wednesday of first-time buyers by the Re/Max real estate company.
It places St. Catharines third in Ontario of markets surveyed for most affordable detached homes.
The Garden City real estate scene is also almost perfectly balanced between buyers and sellers, it said.
Re/Max said 22 of the 32 Canadian markets in the survey, or 69 per cent, "remain firmly in buyer's market territory."
"This is a great time for first-time buyers," said Al Hines, president of the Niagara Association of Realtors. "And (I agree) we are also a balanced market here between buyers and sellers."
Most homes sold last month in Niagara were in the $150,000 to $250,000 range, Hines said. Those prices are also in the ballpark for first-time home buyers, he said.
The report put a typical entry-level detached home here at $125,000. The most affordable markets for detached homes, based on starting prices, were Moncton at $115,000, Windsor at $75,000 and Winnipeg at $185,000.
The favourable climate for first-time buyers is for several reasons, Hines said.
"Extremely low interest rates (at 4.29 per cent for a five-year, fixed-rate mortgage) have been really driving first-time buyers," he said.
First-time homeowners can now get tax credits for land-transfer taxes and home renovations.
Re/Max said the average overall home sale price in St. Catharines in February fell just over four per cent, compared to the year before, and stands at $197,050. Hines said his Association puts that figure at $198,465.
However, the report said local prices for starter homes and condos in February stayed stable, year over year.
Central and downtown St. Catharines remain popular choices for affordable starter homes, Re/Max added.
Locally, there's a "good selection of properties available for sale," it said.
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