Posted 1.6.17 @ 0:0
New research by the Ontario Real Estate Association says that the Ontario Home Ownership Index is at an all-time high of 131 points as we head on deeper into the winter season.
Stronger Real Estate Market
The positive shift is primarily drive by the current perceived improvements in real estate markets in 2015 and 2016. In fact, 5% more Ontario residents think that their neighbourhood real estate market is more favourable in 2016 than in 2015. More so, 51% of Ontarians (11% more than the previous year) say that their city’s residential real estate market is stronger now.
OREA’s chief executive officer Tim Hudak says that the current perceptions regarding Ontario’s real estate markets are likely to continue into the foreseeable future. He also shares that buyers are remaining optimistic despite the rising house prices in the GTA, further sharing that Ontarians state that they still intend to buy in the future.
43% of Ontarians predict that their city’s real estate markets will be stronger for 2017, a figure that is up by 5% compared to 2016. Add to this the fact that 14% of Ontarians shared a plan to purchase a new home in the next two years and 15% are planning to sell a home within the same time period, it is easy to see that the home value of home ownership is still a very much important commodity.
Buying a Home in Ontario
Detached homes remain the most popular for those planning to buy a home in the next 2 years, with 49% of surveyed people saying they’ll be purchasing a detached home. This figure is 13% more compared to the previous result.
Interest in condos is down by 7%, with only 19% of respondents wanting to buy a condo in the near future. It seems previous condo buyers are now looking into purchasing a semi-detached home, which now has 19% of respondents wanting one, compared to 12% in the previous year.
Townhomes have garnered the least interest amongst prospective buyers, with just 14% of buyers looking into purchasing a townhome or a row home. The figure decreased by 2% as compared to the previous year.
A huge 79% of first time home buyers in Ontario believe that the new federal government rules regarding mortgage stress testing will have an impact on them at some point. 45% of the first-time home buyers shared that they will need to save to have enough for the 20% downpayment needed to buy a home. 27% believe that they will have to find ways to have additional money for their downpayment and 34% said that they’ll just look for a less expensive home in the same city. 22% are looking into buying a less expensive home in another city if the 20% downpayment proves to be a bit heavy for them.
The Ontario Home Ownership Index is designed to be a reflection of Ontario residents’ overall view regarding Ontario’s real estate market. You can find further details about the Ontario Home Ownership Index here.
This winter might prove to be the best time for you to buy a home in Oakville! Contact us and we’ll help you fulfill your owning an Oakville home soon!