More Torontonians want hard-to-find detached homes: Study

  12/28/2016 |   SHARE
Posted in Ontario Real Estate by Stephen Gale | Back to Main Blog Page

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Half of Ontarians in the market to buy a home in the next two years say they are looking for a detached house, up 13 points from a year ago, shows new research from the Ontario Real Estate Association (OREA). In Toronto, where supply of detached homes is at an all-time low, the demand is up 21 points from a year ago, with 50% of buyers saying they are likely to buy this housing type, according to the Ontario Home Ownership Index, OREA's semi-annual consumer study conducted by Ipsos Reid.

"With limited supply of this housing type, it's becoming increasingly difficult to meet the demand," said Tim Hudak, OREA CEO. "Young families looking for more space, a backyard to play with their kids in, simply don't have enough options to choose from. Increasing the supply of single-family detached houses, as well as semis and townhouses, will give buyers more choice at affordable levels."

The Building Industry and Land Development Association (BILD) recently reported that housing supply has plummeted over the past decade. The lack of housing supply is a key driving factor for increasing prices of new single-family detached houses and high-rise condos in the GTA.

"Demand for detached houses is up while supply is critically low -- no wonder prices are rising so quickly," said Hudak. "We need more homes on the market; government should give careful consideration to policies that will increase supply. Home ownership is not a fad -- it is the Canadian dream."

According to OREA's Ontario Home Ownership Index, eight out of ten Ontarians consistently say that home ownership is important to them (79%), real estate is a good investment (82%) and it makes more sense to own rather than rent (81%). 'Long-term investment value' is Ontarians' top reason for buying a home (34%).

 

Housing Types - Ontario compared to Toronto
Types of homes Ontario and Toronto buyers say they are likely to purchase in the next two years
Ontarians say:   Torontonians say:
50% - likely to buy a detached house in the next two years, up 13 points from a year ago   50% - likely to buy a detached house, up 21% from a year ago
19% - likely to buy a condo in the next two years, down 7 points from a year ago   22% - likely to buy a condo, down 17% from a year ago
19% - likely to buy a semi-detached home, up 4 points from a year ago   23% - likely to buy a semi-detached home, up 3 points
14% - likely to buy a townhome, down 2 points from a year ago   22% - likely to buy a townhome, up 2 points
     



Home Buyers, Ontario Real Estate, Ontario Real Estate News, OREA, Real Estate Market, Real Estate Trends



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