{"id":17477,"date":"2021-03-04T10:10:00","date_gmt":"2021-03-04T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17477"},"modified":"2021-03-01T10:56:13","modified_gmt":"2021-03-01T18:56:13","slug":"low-interest-rates-growing-savings-help-homebuyers-jump-into-bcs-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/03\/low-interest-rates-growing-savings-help-homebuyers-jump-into-bcs-housing-market\/","title":{"rendered":"Low Interest Rates & Growing Savings Help Homebuyers Jump Into BC’s Housing Market"},"content":{"rendered":"

Many BC residents between the ages of 25 and 35 were fortunate to keep their jobs and grow their savings through the pandemic. Now, helped along by historically low interest rates, this group is ready for homeownership.<\/p>\n

A new survey from Royal LePage found that 49 percent of BC residents aged 25 to 35 own their own home, with 27 percent of those owners making a purchase since the pandemic began last March.<\/p>\n

For those BC residents that didn\u2019t own a home, 65 percent said they wanted to buy within the next five years.<\/p>\n

It\u2019s an encouraging sign that Millennial-aged residents are seeing a path to homeownership, even in the expensive Vancouver region where home and rent prices are some of the highest in the country.<\/p>\n

\u201cLow interest rates are oxygen for the market,\u201d said Adil Dinani, a sales agent with Royal LePage in the Vancouver region. \u201cYounger buyers have a positive association with home ownership. They see the value in it and they\u2019ve done the math. Currently, a monthly mortgage payment can equate to little more than renting.\u201d<\/p>\n

The survey found that the overwhelming majority \u2014 91 percent \u2014 of 25 to 35 year-old BC residents believe home ownership is a good investment. Dinani said that he\u2019s observed his clients in this age group taking advantage of lower interest rates to buy larger starter homes.<\/p>\n

\u201cOver the last year, I\u2019ve noticed a shift in priorities where first-time buyers are increasingly valuing size and outdoor space over location,\u201d he said.<\/p>\n

According to Royal LePage, the trends observed in BC played out similarly across Canada. At the national level, the brokerage found that 72 percent of Canadians in this age range were confident with their short-term financial situation. At 68 percent, the proportion of non-homeowning Canadians that were looking to buy within the next five years was slightly higher than the BC result for this demographic.<\/p>\n

\u201cIn many ways, the pandemic has sucked the joy out of our normally kinetic young adults\u2019 lives. No dining out, no concerts with friends or winter escapes to the sunny south,\u201d said Royal LePage CEO Phil Soper.<\/p>\n

\u201cEven retail therapy has lost its luster when no one will see those new shoes on the next Zoom call. The silver lining is in soaring savings; unspent money that is finding its way into real estate investments,\u201d he added.<\/p>\n

Young Buyers Jump Into BC’s Housing Market Thanks to Low Mortgage Rates, Growing Savings<\/a> by Sean MacKay | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

Many BC residents between the ages of 25 and 35 were fortunate to keep their jobs and grow their savings through the pandemic. Now, helped along by historically low interest … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-17477","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nLow Interest Rates & Growing Savings Help Homebuyers Jump Into BC's Housing Market • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/03\/low-interest-rates-growing-savings-help-homebuyers-jump-into-bcs-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Low Interest Rates & Growing Savings Help Homebuyers Jump Into BC's Housing Market • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Many BC residents between the ages of 25 and 35 were fortunate to keep their jobs and grow their savings through the pandemic. 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