British Columbia’s new assistance program for first-time home buyers has the potential to bolster a segment of the property market that has stayed strong in the midst of sliding sales, according to one market observer.
“The net impact (of the program), it does draw more people into the market, into the condo and town home market,” said Bryan Yu, senior economist with Central 1 Credit Union.
However, while sales have dropped off in the market for pricier single-family homes, Yu said the more affordable condominium and town home segments of the market have remained more active.
And that additional demand could push “upside pressure on pricing,” Yu said, because the multi-family housing sector is still struggling with a lack of supply to meet demand.
