Posted 2.9.16 @ 0:0
Aren’t you curious about what’s going on in Toronto’s current real estate market? Well, the Toronto Real Estate Board shared the results of their recent survey featuring data from intending home buyers and recent home buyers which reveals some surprisingly interesting insights about home buyers and home owners in Toronto.
Introducing the Market Year Review & Outlook Report
The published results of the TREB survey is the first annual Market Year Review & Outlook Report. It is comprised of several components that includes some never before seen consumer survey results and exclusive commentary from industry experts. The survey data features the differences between various GTA buyer groups.
Below are just some of the interesting highlights and insights from the report:
Buyers choose locations close to previous homes.
Local buyers tend to keep it local. A buyer who have previously lived in the GTA is more likely to purchase a home within the same neighbourhood they’ve lived in before.
This is especially true in the city of Toronto. Perhaps urbanites will always be urbanites? But then, it is indeed difficult to let go of a great community that you’ve grown to love; more so when it is as good as our communities!
The majority of Toronto home buyers are first-time buyers.
A whopping 60% in the city to be exact! First-time homeowners also make 53% of GTA’s home purchases while the number is at only 46% at the surrounding regions.
This difference is attributed to the larger number of condominium buildings in GTA compared to the 905. It should also be noted that new home construction is dominated by high-rise developments, thereby contributing to more available condo units that are more affordable for first time home buyers.
The average Toronto homeowner has been living in their home for a decade.
With homes flying out of listings into the hands of new homeowners, it looks like home turnover is quite fast in Toronto but the fact is, barring homeowners who’ve just bought their home over the last year, the average homeowners have been living in the same home for 14 years! The overall average is 10 years though, that’s an entire decade!
This can be attributed to improving infrastructures, better job opportunities, and constant development projects in GTA. People just can’t find enough reason to move out and all the right reasons to move in!
Seniors are scooping up condos (and you’ve always suspected the millennials).
It seems nearly a given that the condo’s biggest market would be the millennials. However, a look at the part of the TREB report which shows the type of homes different home buyer age groups are planning to buy shows that the millennials are actually outnumbered by the seniors as potential condo buyers. Next time grandma and grandpa requests a showing, you better be ready then!
Recent buyers love to renovate!
More than half of recent home buyers in the GTA are planning to renovate their homes over the next 12 months. This is great news indeed for builders, designers, and home improvement companies!
2015 has been a record-breaking year for home sales, aren’t you curious to find out more about what the report says? Grab a copy of the first annual TREB Market Year Review & Outlook Report and see what makes the GTA real estate market special.
Need help finding buyers for your Oakville luxury home? Our professional team can assist you with that and more! Contact us and get expert help listing your property in the market.