July 24, 2012
OREA survey finds Ontarians worry after 45 days or more on market
TORONTO, July 24, 2012 — According to new research commissioned by the Ontario Real Estate Association, the majority of Ontarians (60 per cent) would start to feel anxious if their home was still on the market after 45 days or more, while many (30 per cent) admit they would start feeling uneasy after only 30 days. The average time it takes to sell a home in some regions is 30 days, while homes in other regions of Ontario may take twice as long, or longer, to sell.
The survey, hosted on the Angus Reid Forum, shows that many Ontarians are in touch with average home selling times in their regions. For example, in Toronto where the average time to sell a home is 30 days (according to 2011 data from the Canadian Real Estate Association), a third (33 per cent) of Torontonians admit they would start to worry about their home selling after this time.
Other survey findings:
- Eastern Ontarians are patient home sellers – The majority of eastern Ontarians (54 per cent) would start to worry after at least 60days of their home being on the market, yet it can take as few as 38 days to sell a home in Ottawa or 48 days to sell a home in Kingston.
- 905 knows its market – The majority of respondents in the 905 region (51 per cent) would start to worry after 45 days or more without a sale, although 41 per cent say they would begin to worry after 30 days; the selling time of homes in the 905 region ranges from 24 days in Markham to 34 days in Oshawa.
- Hamiltonians/Niagarans expect a quick sale – 51 per cent of respondents in this region say they would start to worry about their home selling 45 days or more after putting it on the market, while 40 per cent would start to worry after only 30 days, despite the average days on market in Hamilton/Burlington and Niagara being 51 and 67 days respectively.
“It would appear that some Ontarians are being influenced by what is happening in other markets, particularly those that have been deemed ‘hot’,” says Ron Abraham, president of the Ontario Real Estate Association. “A home that takes longer than 30 days to sell is no reason for concern. A home’s selling time depends on various factors, price being the primary one. If it’s priced right, it will sell, ‘hot’ market or not.”
In addition to setting the right price with the help of their Realtor, Abraham advises homeowners follow their Realtor’s advice when preparing their home for sale and deciding on a marketing plan. Lastly, Abraham urges every homeowner to exercise patience during the home selling process.
“Often times, homeowners go into the home selling process with a target selling time in mind,” says Abraham. “This can cause a great deal of disappointment for the homeowner who misses this self-imposed deadline. Home sellers should trust that their Realtor has the knowledge and experience to prepare their home for the market and sell it in a reasonable amount of time.”
More information on preparing a home for sale and working with a Realtor is available at www.howrealtorshelp.ca.
From June 19 to June 20, 2012, an online survey was conducted among 800 randomly selected Canadian adults who live in Ontario and who are also Angus Reid Forum panel members. The margin of error—which measures sampling variability—is +/- 3.46%, 19 times out of 20. The results have been statistically weighted according to the most current census data on age, gender, region and education to ensure the sample is representative of the entire adult population of Ontario. Discrepancies in or between totals are due to rounding.
About the Ontario Real Estate Association
The Ontario Real Estate Association represents 53,000 brokers and salespeople who are members of the 42 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of professional publications, educational programs, advocacy, and other services. www.OREA.com