More Ontarians now have a favourable opinion of the real estate market in their local city or town, according to new research.
Six out of 10 Ontarians (60 per cent) described the current residential real estate market in their city or town as favourable, up three points from this time last year. That is among the findings of the Ontario Home Ownership Index, a bi-annual research study commissioned by the Ontario Real Estate Association (OREA) and conducted by Ipsos Reid.
When asked to compare their local real estate markets to one year ago, once again Ontarians showed a positive shift in sentiment:
- 41 per cent of Ontarians surveyed say they view the residential resale market in their own neighbourhood as stronger than it was a year ago (34 per cent said so last year);
- 39 per cent say they view the real estate market in their city or town as stronger than it was a year ago (35 per cent last year).
“What we’ve noticed with this wave of research is that, on the whole, Ontarians’ perceptions of the provincial economy and real estate market have remained stable year over year,” says Patricia Verge, OREA president. “It’s when we asked Ontarians about their perceptions of their local markets – their neighbourhood, city or town – that we saw a more significant change in sentiment. Naturally, Ontarians are more in tune with what their local markets are doing. This overall increase in positive sentiment, therefore, is encouraging.”
When asked about their city’s future real estate market, once again Ontarians appear more optimistic than a year ago:
- 40 per cent of Ontarians said that their city or town’s real estate market will be stronger in the next year, compared to 34 per cent this time last year
- Looking ahead to the next ten years, 49 per cent said their city or town’s real estate market will be stronger, compared to 46 per cent this time last year
“According to the research, Ontarians expect growth in local real estate markets,” says Verge. “GTA residents, for example, exhibited a considerable upswing in sentiment where local real estate markets were concerned.”
For other survey highlights, visit www.orea.com. Click on “About” and then look in the “News and Press Releases” section in the left-hand scroll bar.
Miss Real Estate Manners
Mentorship in real estate
Download a text-only PDF of the September EDGE
To receive The EDGE direct to your inbox update your details now