First-time homebuyers rule current housing market

The end of bidding wars
Also, an end to the hysteria of bidding wars, condition-free offers, and especially the inflationary effects of speculation, has made it much more comfortable for buyers in general and first-time homebuyers in particular. Phil Soper, president and CEO of Brookfield Real Estate Services, pointed out that recent initiatives by the federal government such as an increase in the amount of RRSP savings you can take out for a down payment, tax credits for renovations, and of course, the lowest interest rates in history, make it an attractive time to buy.
 
Condo sales, which have suffered particularly with the end of the boom, also hold some hidden opportunities. New sales (and construction) have slowed to a comparative trickle, while some 25,000 pre-sold units are expected to close in the next year in Toronto alone, effectively flooding the market. Yet, if you're willing to buy and hold on to your purchase for a while, things may be very different a few years from now. "Unfortunately, the construction industry will continue to suffer, and we could even see a shortage of condos by 2011," said Sal, leading to a return to increased demand and comfortably rising property values.

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