New research captures pulse of home buyers The Brantford Expositor Thursday, July 24, 2014 Byline: TIM GALL Ontarians have a positive outlook about the residential real estate market, future real estate plans, and market trends, according to new research. The Ontario Home Ownership Index -a semi-annual province-wide research study commissioned by the Ontario Real Estate Association (OREA) and conducted by Ipsos Reid -delivered the positive message when it was released earlier this month. Some of the main highlights from the spring 2014 research wave included: * 82 per cent of Ontarians agree that real estate is a good investment * 84 per cent of Ontario residents think it makes more sense to own a home rather than rent over the long-term * 10 per cent of Ontarians say they are ‘very likely’ to purchase a home within the next two years * 14 per cent say they are ‘very likely’ to sell a home within the next two years * Three in ten (28%) in the province believe the current residential real estate market in their city or town is ‘very favourable’ and six in ten (57%) say it is ‘favourable’ According to local experts, the highlights bode well for this market, and reflect the opinions of Brantford residents who will be active inreal estate over the next couple of years. “One of the most obvious and relevant statistics revealed in OREA’s release is the positive outlook that Ontarians have,” states Michelle Amey, the Broker/Owner of Coldwell Banker Homefront Realty in Brantford. “Most Ontarians believe that real estate is a good investment, the market is getting stronger, and home ownership is important to them,” she adds. “That degree of confidence in our real estate market is significant to existing homeowners, job creation in the newhousing market -not to mention the renovation business, the banking or mortgage business, as well as to Realtors.” “The consumers’ confidence in their purchase means that ‘pride of ownership’ will come naturally to them and they will improve/maintain their properties better -which means the greater percentage of increase in value over time; and finally, their equity in the property will build faster to a larger amount,” states Amey. The OREA research also points out the majority (59%) of Ontario residents say they will buy a detached house in the next two years, while more than one quarter (28%) of those who plan to buy a home say they will purchase a condo/apartment. “Interestingly, Torontonians led the charge in the condo category, with 41 per cent saying they plan to purchase a condo/apartment,” says Costa Poulopoulos, president of OREA, in a media release issued by the provincial organization. “In comparison, only 23 per cent of all other Ontarians have similar plans, underscoring Toronto’s unique condo market,” she adds in the release. “Ontarians are confirming that no two real estate markets are the same, despite their proximity.” John Oddi -a provincial director with OREA and immediate past president of the Brantford Regional Real Estate Association -tells The Expositor this part of the research is mostly geared to the bigger cities in the province. He says the report also reflects more of the opinions from the retired part of the market segment, and empty nesters. Oddi points out across the province -and here in Brantford, in part -mainly families and first time home owners are still buying detached single family residential homes. In the OREA released statements, Poulopoulos adds local residents should trust a specialist in their area. “Understanding local market conditions is important for home buyers and sellers as they prepare to purchase or list a home,” says Poulopoulos. “Consulting with a local Realtor who specializes in a particular market is a great way to get in-the-know.” The research, in taking a broader look at the province, also outlines most Ontario residents expressed a positive perception about residential real estate. A majority (57%) believe it is ‘favourable’ market, compared to only 20 per cent who say it is ‘unfavourable’. Furthermore, the study found half of Ontarians (52%) see the overall state of Ontario’s economy as ‘good’, compared to 29 per cent that say it is ‘bad’.
Posted on: Fri, 25 Jul 2014 13:37:58 +0000
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