January 29, 2015
Six out of 10 (59 per cent) of Ontarians surveyed say the state of their city’s economy is good right now, up from 53 per cent this time last year.
That’s the finding of the Ontario Home Ownership Index, a research study commissioned by the Ontario Real Estate Association (OREA) and conducted by the polling and research firm of Ipsos Reid, and summarized in a recent OREA news release. Furthermore, 33 per cent say their city’s real estate market is stronger compared to a year ago, a slight increase over 29 per cent last year.
“Consumers currently feel better about their real estate markets and economy than they did last year,” says Sean Simpson, vice-president, Ipsos Reid Public Affairs. “Factors such as low mortgage rates, provincial job growth, and two elections this year may have something to do with the upswing in perceptions.”
The feelings that Ontarians have about the year ahead has remained consistent; their expectations of the next 10 years have softened slightly. The index, which measures Ontarians’ outlook of the residential real estate market, their real estate plans and market trends, found that:
Looking ahead to the next year, 36 per cent of Ontarians say the residential real estate market in their city or town will be stronger (compared to 34 per cent last year)
Looking ahead to the next 10 years, 47 per cent say the residential real estate market in their city or town will be stronger (compared to 52 per cent last year).
“The fact that the 10-year forecast continues to be stronger than short-term sentiment speaks to the long-term value that Ontarians place on owning a home,” says Simpson. “While real estate markets can ebb and flow, over the long run there is a belief that real estate markets will be even stronger than they are today.”
Read the full press release.