RE/MAX Move-Up Buyers Report recently released indicates some interesting market trends:
The RE/MAX Move-Up Buyers Report found that activity in traditional move-up price ranges have climbed year-over-year (2012 vs. 2011) in 87 per cent (14) of the 16 markets examined—a trend expected to continue throughout 2013. The only exceptions were Victoria and Vancouver, where softer sales activity was reported. Driving the upward movement has been substantial price appreciation in most major centres. The average Canadian home has escalated 93 per cent over the past decade; individual markets experienced increases ranging from 62 per cent in Saint John (4.96 per cent compounded annually) to 199 per cent in Regina (11.57 per cent compounded annually).
Move-up houses in the $500,000 to $700,000 range accounted for about 20 per cent of sales across the GTA last year, up 8 per cent from the previous year. The report also found that first-time buyers now in the market are moving up faster than in the past, with an average four to seven years from their initial purchase.
5-Year Growth Trend - Residential Average Price 2007-2012 (Compound Annual Growth Rate)
Read more at Remax.ca