Residential real estate markets are stronger now than they were a year ago, according to a recent survey of Ontarians.
Forty per cent of people in the province felt that the market in their own city was stronger, up over 33 per cent last year. That’s according to results from the Ontario Home Ownership Index, a semi-annual survey conducted by the Ontario Real Estate Association (OREA). Looking ahead to the next year, four out of 10 Ontarians (38 per cent) say they believe their city's real estate market will be stronger (up 2 points).
Optimism for the year ahead is highest among residents of the Greater Toronto Area, 46 per cent of whom forecast a stronger real estate market in 2016 (up six points from last year). Torontonians in particular showed the greatest increase in confidence, with nearly half of those surveyed (46 per cent) saying Toronto's real estate market will be stronger this year, up from 35 per cent a year prior.
“As Toronto's real estate market continues to make headlines, residents in the 416 believe that it has the potential to become stronger still in the next year,” says Sean Simpson, vice president, Ipsos Public Affairs.
Only in Central Ontario was there a similar upswing in sentiment. Four out of 10 (42 per cent) Central Ontarians feel that their city's real estate market will be stronger in the next year, compared to 34 per cent last year. More of those surveyed in Central Ontarians also think local real estate markets are stronger compared to a year ago (36 per cent this year, compared to 22 per cent last year).
“Regional perceptions are more aligned on the question of economic conditions,” said Simpson. “Across all the regions surveyed, fewer Ontarians this year described the current state of the economy in Ontario and their city as ‘good’.”
In November 2015, 51 per cent of Ontarians described the economy of their city or town as ‘good’, down from 59 per cent a year prior. The trend in all regions is downward, with those in the 905 (64 per cent) and 416 (56 per cent) being most positive, followed by those in the eastern (52 per cent), southwestern (47 per cent), central (34 per cent) and northern (31 per cent) parts of the province.
For regional survey highlights and more details on the survey, see the news release posted to the OREA website.
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