Mortgage broker says more first-time buyers entered the market following the pandemic
BNN Bloomberg
A new survey found that over the last two years, about one-third of respondents moved, a majority of whom were first-time homebuyers.
The survey from LowestRates.ca, released on Wednesday, found that 36 per cent of respondents moved over the past two years, 22 per cent of whom were first-time buyers, marking a “significant uptick” from the 11 per cent of first-time buyers a year earlier.
Leah Zlatkin, a licensed mortgage broker and expert with LowestRates.ca, said in a statement on Thursday that she believes that first-time buyers elected to wait for the COVID-19 pandemic to “normalize” before buying a home.
“First-time buyers are usually more nervous to purchase their first home so they waited. This is when we saw the buyer frenzy happen,” she said.
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