First-timer buyers could lead GTA recovery
July 12, 2018
Spring is traditionally the time when everything sprouts—including home sales. But this year in the Greater Toronto Area (GTA), even with a record warm weather, the housing market is as cold as December. Sales are down 20 to 40 per cent from a year ago in some areas of the GTA to 11-year lows.
But, according to local mortgage brokers, there are subtle signs of summer resurgence.
Tribe Financial managing partner Frances Hinojosa, is among those who believe the market is turning.
“We’re noticing a lot of first-time homebuyers now are coming out of the woodwork,” Hinojosa told the Mortgage Broker News. “They’re realizing that despite the negativity out there in the media, there are still opportunities for them to purchase. We’re getting a lot of inquiries from first-time buyers exploring their options.”
Hinojosa—a 25-year veteran of the mortgage industry—said she’s seen similarly staid markets before and recognizes the pattern, “Talking with our referral partners—real estate agents and other spheres of influence—there is no shortage of people out there, and we’ll see a busy second half of the year. I’ve seen this market before in my 25 years and I’ve seen the pendulum swing back, in terms of buying and selling.”
She added that, “Overall, for the spring market, or any market, it has shifted based on the data out there, but there are still opportunities. It doesn’t matter whether there are stormy clouds ahead. You have to think about where the opportunities are. Shift your mindset and find the opportunities on the horizon.”