The Ontario Real Estate Association (OREA) has partnered with market research firm Ipsos Reid to conduct a semi-annual province-wide research study that reflects how residents in Ontario view the current the residential real estate market.
For several years, various self proclaimed experts have touted throughout the media that Canada's real estate market was over-heated, that the bubble was about to burst and Canadian homeowners should prepare themselves to see 15% to 20% or more of their home equity erased. Such has yet to happen yet with a seemingly constant barrage of negative news about the Canadian real estate market you'd think the mood of consumers would be somber.
The accompanying infographic (click on to enlarge) is the first release of the new OREA, Ispos Reid study. Overall, Ontarians appear to feel optimistic about both the market outlook and home ownership. Study results reflect that 57% feel this way with 34% believing the Ontario market will be even stronger next year.
In central Ontario where we are, 54% feel favourable towards the current market while 40% believe that conditions will be even better next year. How this translates into the southern Georgina Bay region remains to be seen. Many buyers in our market do not currently reside here. Their purchasing motivation is often drive more by their desire to purchase a recreational property or on for retirement purposes. I am sure that those living locally and employed in the retail or service sector would be far less optimistic that about a real estate purchase that someone from the Greater Toronto Area looking to invest in property in the area.
This brings up two important issues relative to the future of Collingwood and the surrounding area especially in view of the upcoming municipal election this fall. The first is economic development/job creation while the second is the question of affordable housing. I will speak to these two issues in future posts.