According to a recent Ipsos poll conducted on behalf of the Ontario Real Estate Association (OREA), Ontarians are feeling decidedly more upbeat about the state of the province's economy than they were last fall and this newfound positivity is helping to dramatically boost confidence in residential real estate markets.
The poll found that Ontarians are significantly more likely to see residential real estate markets as 'favourable' at all levels compared to the previous wave of tracking in November 2015. Plus, many are seeing their local real estate market strengthening over time with half of those polled seeing their neighbourhood real estate market as significantly stronger compared to one year ago, and think it will continue to stay strong a year from now.
"With significantly improved perceptions across all markets and timeframes, it is clear to see why the index has posted its biggest gain to date," says Sean Simpson, vice-president, Ipsos Public Affairs. "As home prices and sales figures throughout the province continue to astound, it is encouraging to see the Ontarians are feeling optimistic about economies and real estate markets, both locally and provincially."
This brighter picture of residential real estate markets is closely linked to Ontarians' more positive views about the shape of their local economy.
"The last time Ipsos polled on Ontario real estate, perceptions of the province's economy were more negative," says Simpson. "Midway through 2016, the economic mood has improved considerably, and while there is undoubtedly still room for improvement, opinion has rebounded, likely carrying perceptions of the real estate market along with it."
Twice a year, OREA's Ontario Homeownership Index takes the pulse of Ontarians' perceptions of home ownership and real estate markets at the neighbourhood, city and provincial level. In the latest wave of tracking, the Index has surged by 27 points to 129, the largest upswing in sentiment since tracking began in 2013.
For the full release and data details, visit www.orea.com/About/News-and-Press-Releases/Press-Releases/July-13-2016.
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