Ontario real estate perceptions remain strong

More than half of Ontarians say that the current residential real estate market is favourable.

Ontario Real Estate Board’s home ownership index shows that 51 per cent say that the housing market in their city or town in stronger now than it was a year ago.

“According to the results, it is likely that perceptions of strengthening markets will continue in Ontario into the foreseeable future,” said Tim Hudak, Chief Executive Officer, OREA.

It seems that Ontarians are also optimistic about 2017 with 43 per cent saying the market will be stronger in the next year and a growth in the percentage of respondents saying they will buy a home in the next two years (14 per cent compared to 11 per cent a year ago.)

“Despite rising house prices in the GTA, buyers remain optimistic. In fact, even more Ontarians than last year say they intend to buy in the future. This speaks to the value of home ownership and the timelessness of this all-important commodity,” added Hudak.

On the new federal mortgage rules, 79 per cent of first-time buyers say they will be affected with almost half saying they will have to save more for their downpayment, 34 per cent expecting to opt for a lower cost home and 22 per cent likely to look in a different city.

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