Let the sun shine in a new Morningstar home at South Pointe in Delta ›› p.8 New townhomes in South Surrey area ›› p.5
March 25, 2010
First-time buyers dwindle First-time homebuyers are disappearing from the Metro Vancouver housing market. A new study by Ipsos-Reid shows that the massive numbers of first-time homebuyers who flooded the market in the first half of 2009 are dwindling. Currently, about 29 per cent of homebuyers are first-time purchasers, down from 38 per cent in the first half of 2009. Speedy recovery of housing prices, especially in Metro Vancouver, is again pushing first-time buyers out of the market, rather than any decline in interest. “Greater Vancouver in particular has seen a very “Escalating rapid recovery in prices prices will since the bottom of the in the first quarter push many market of 2009,” says Hanson Lok, first-time senior research manager for Ipsos-Reid in Vancoubuyers back out.” ver.“While low mortgage rates have kept monthly payments within reach for first-time buyers and kept them in the market, escalating prices will push many first-time buyers back out.” The study suggests that British Columbians feel the province is turning into a seller’s market, with 53 per cent of B.C. residents saying now is a good time to sell a home, up from 14 per cent during the same period a year ago. Last week, RBC Economics reported that housing affordability in B.C. continued to decline in the fourth quarter of 2009, with the proportion of pre-tax income required to own a detached bungalow rising one per cent to 62.3 per cent; the proportion needed to own a standard townhouse rose 0.8 per cent to 48.9 per cent. Prices in B.C. may climb higher, the RBC report notes, “as very strong demand and a limited supply of homes for sale combine to propel prices substantially higher.”
Sales assistant Charity Galasso enjoys the kitchen ambience at Polygon Homes’ Cathedral Grove. Homebuyers have endless choices when it comes to kitchens in new homes – from countertops to appliances, the choices are endless. Rob Newell photo
Kitchens: front and centre From eco-friendly and chic to retro and funky, the sky’s the limit MAGGIE CALLOWAY One of the great pleasures when purchasing a new home is making decisions about your kitchen. What style should it be, how will the family use this space, is a special space needed for baking, what colour should the cabinets
be and what kind of material should the counters be are likely just some of the questions homebuyers will ask. It can seem more than a little overwhelming but, for most of us, this is a once-in-alifetime opportunity to really think through every detail and get it right. Items that were once considered extras, such as soft-close doors and drawers, are now standard issue from most manufacturers. It is a simple thing, but once you have experienced soft-close – especially if there
are teenagers in the household – there is no going back. Cupboards and drawers have definitely evolved – manufacturers are now designing each and every nook and cranny. No longer is it necessary to buy the ugly plastic cutlery container; the silverware drawer is now designed specifically to your needs. On many people’s New Year’s resolution list is a vow to clean out the kitchen junk CONTINUED ON P.2