July 17 Market Update – Survey Edition
The Ontario Real Estate Association (OREA) recently retained Nanos Research to do a survey among Ontarians actively in the real estate market. The takeaway was that despite economic uncertainty due to the pandemic, homeownership is seen as a good investment.
Here are some of the results:
• Six in ten Ontarians active in the real estate market consider buying a home a very good investment even in the current environment.
• Four in ten who are active in the housing market say they would be open to buying a house if they could only view it virtually.
• Eight in ten say it would be important to use a Realtor to help with the purchase of their home, and this is consistent across all age groups.
• Six in ten Ontarians who own a home and plan to sell in the next two years are not sure when they will list their home (61%), while 28% say they will list as soon as the pandemic is over, and 11% say they will list in the next few months.
• A majority of Ontarians say being in isolation at home has not changed their view of what they want in their next home (74%), while 26% say it has changed what they want in their next home.
• Nine in ten who own a home and are active in the real estate market report they have not refinanced their home or used a home equity line of credit to cope financially during COVID.
• Residents of the City of Toronto are most likely to report they plan to buy a home in the next two years (59%), and younger Ontarians (18 to 34) are more likely to report they plan to buy (59%), than those 55-plus (23%). Renters are significantly more likely to report they plan to buy in the next two years (87%) than homeowners (27%).
• Four in ten Ontarians who own their home have taken advantage of the pandemic to renovate, repair or upgrade their home. Asked for the approximate value of the renovations and repairs, $18,960.