Quote:
Originally Posted by Mike Oxlong
Yes there are a lot of first timers buyers purchasing homes right now but why aren't there enough first time buyers to keep up sales? This city's population continues to grow and every single day younger people get older and closer to purchasing their first home.
I don't understand why you think there aren't enough first time home buyers. There will always be lots of first time buyers in the market. Not to mention other buyers.
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There are always first time buyers, but the recent dip in prices and low interest rates have brought out lots of people who have been sitting on the sidelines for the past couple of years, because they previously couldn't afford the place they wanted. Now that they can, they are buying in record numbers. If more first time homebuyers are buying now than at any time in the past decade, how is it sustainable?
Once this wave is over, first time homebuyers will still always be there, but not at the numbers we are seeing now. And though Calgary is growing, the housing market is over-built right now and it will take time for the excess inventory to work it's way through.