Monday, December 23, 2013

Ontarians Optimistic About Real Estate Market in 2014

The Ontario Real Estate Association (OREA) has just released the results of a survey summarizing the feelings those living in Ontario have towards the real estate outlook within the Province.  The results of that survey are as follows:

  Ontarians seem hopeful about the provincial real estate market, according to new research conducted by Ipsos Reid on behalf of the Ontario Real Estate Association (OREA). A third of Ontarians say the market will strengthen rather than weaken (21%) in 2014. Looking even further ahead – ten-year‟s time – significantly more Ontarians believe the Ontario real estate market will strengthen (50%) rather than worsen (20%), speaking to the long-term investment value of owning a home.

"The research comes on the heels of an optimistic forecast by the Canadian Real Estate Association,” says Sean Simpson, vice president, Ipsos Public Affairs. “Consumers seem to be echoing a similar sentiment for the 2014 real estate market. Prospective buyers and sellers in particular are also more likely to believe the overall economy is strong, which may be why they‟re considering buying or selling their home in the next two years.”

  Two in three (65%) Ontarians who are at least somewhat likely to buy a home in the next two years believe the economy is in good shape, compared to just 53% of Ontarians overall who think the economy is „good‟. Six in ten (59%) Ontarians looking to sell in the next two years believe the economy is „good‟.
The study, the first of its kind for OREA, examined public opinion in Ontario on a variety of matters pertaining to consumer sentiment of the Ontario real estate market. The findings include:


  • Six in ten (59%) Ontarians believe the current real estate market in Ontario is „favourable‟. Two in ten (18%) Ontarians believe the market is „not favourable‟.
  • Two thirds (67%) of homeowners believe the market is „favourable‟, compared to 47% who currently don‟t own a home. Ontarians who said they are somewhat likely to buy or sell a home in the next two years are even more likely to believe the market is favourable (70% and 77%, respectively).
  • Homeowners are more likely to believe the market has improved in the last year (31% stronger vs. 21% weaker), looking ahead to the next year (34% stronger vs. 16% weaker), and in the next ten years (55% stronger vs. 18% weaker). Prospective buyers and sellers are most optimistic with a majority saying the market will be stronger in the next year (54% and 50%).

Regional Survey Highlights

  • Residents in the 905 area of the GTA are most likely to say their market is favourable (71%), followed by those living in Toronto proper (61%), Eastern (58%), Southwestern (54%), Northern (47%) and Central (45%) Ontario.
  • When looking at local economies, the GTA (63%) and Eastern Ontario (54%) have the most positive outlooks, while Central (37%) and Northern Ontarians (42%) are most pessimistic.
  • GTA residents are most „likely‟ to buy (16%) and sell (17%) a home in the next two years. Residents in Northern Ontario are least likely (4%) to buy a home in the next two years, while Central Ontarians are least likely to sell (5%) a home in the next two years.

No comments:

Contact Me

Royal LePAGE Locations North (Brokerage)

330 First Street, Collingwood, ON L9Y 1B4



Email:
rickcrouch@propertycollingwood.com



Direct: 705-443-1037



Office: 705-445-5520 ext 230




Website:
www.rickcrouch.realtor















My Profile

Rick relocated to Collingwood from Toronto in 1985 through a transfer with Goodyear Canada. In 1987 Rick was recruited by a major client of Goodyear’s, managing their Canadian business based in Barrie before moving to Chicago in 1992 as Vice President of Sales & Marketing. Upon returning to Canada in 1996, Rick ran an industrial products manufacturing company in Stratford, Ontario. In 1998 Rick returned to Collingwood with his two children. Rick is a licensed real estate Broker with Royal LePAGE Locations North in Collingwood and holds his MVA designation (Market Value Appraiser-Residential). He is an active volunteer in the community serving several years on the Board of Directors with the Collingwood Chamber of Commerce as Treasurer, 6 years on the Board of Directors for the Southern Georgian Bay Association of REALTORS® of which he is the Past President (2008) and currently serves on a committee with the Ontario Real Estate Association. Rick is a diverse executive manager with extensive experience in strategic planning, manufacturing, finance, human resources and quality assurance management.