Ontarians are Optimistic About Today’s Real Estate Market

Fifty-nine percent of Ontarians feel that today’s economy is ‘good’. According to the Ontario Real Estate Association (OREA), 33% of Ontarians feel that the feel that their city’s real estate market is stronger compared to a year ago, which is an increase from 29% last year. The Ontario Home Ownership Index was set to a benchmark of 100—as of recently, the index rose to 108 points. This means that Ontarians feel a lot better about their real estate markets and economy than they did last year. Aspects such as provincial job growth, low mortgage rates and two elections had an impact on these circumstances.

The way that Ontarians feel about this year remains to be optimistic; their expectations for the next ten years have slightly changed. Information provided from the Ontario Home Ownership Index, has been able to determine the future outlook of the residential real estate market. The Ontario Home Ownership Index have found trends that: predict what will happen in the next year throughout the real estate market, 36% of Ontarians are optimistic that their city’s or town’s real estate market will be stronger (compared to 34%) last year. Looking ahead to the next ten years, 47% say that the real estate market in their city or town will be stronger (compared to 52% last year). In the next ten years, it is expected that the Ontario real estate market will change and continue to be stronger. While the real estate market can have there high and low points, Ontarians still remain optimistic that the real estate market will continue to grow stronger.

The Ontario Home Ownership Index results for each region across Ontario:

GTA:

  • 66% of residents who live in the GTA feel that the state of the economy throughout their city is ‘good’ (63% last year).
  • Compared to last year, 41% of people living in the GTA describe the residential real estate market as ‘stronger’ (35% last year).
  • Future predictions show that 40% of GTA residents stated that the real estate market in their city or town will ‘stronger’ than last year (38% last year).

Central:

  • 43% of residents living in Central Ontario feel that the state of the economy in their city is ‘good’ (37% last year).
  • Compared to last year, 22% of people living in Central Ontario described the residential real estate market as ‘stronger’ (23% last year).
  • Future predictions show that 34% of Central Ontario residents stated that the real estate market in their city or town will ‘stronger’ than last year (32% last year).

East:

  • 69% of Eastern Ontario residents feel that the state of the economy throughout their city is ‘good’ (54% last year).
  • Compared to last year, 17% of people living in Eastern Ontario described the residential real estate market in their city or town as ‘stronger’ (21% last year).
  • Future predictions show that 29% of Eastern Ontario residents stated that the real estate market in their city or town will be ‘stronger’ (26% last year).

South West:

  • 51% of residents living in Southwestern Ontario feel that the state of the economy throughout their city is ‘good’ (43% last year).
  • Compared to last year, 31% of people living in Southwestern Ontario described the residential real estate market in their city or town as ‘stronger’ (25% last year).
  • Future predictions show that 34% of Southwestern Ontario residents stated that the real estate market in their city or town will be ‘stronger’ (32% last year).

North:

  • 43% of residents living in Northern Ontario feel that the state of the economy throughout their city is ‘good’ (42% last year).
  • Compared to last year, 31% of people living in Northern Ontario described the residential real estate market in their city or town as ‘stronger’ (26% last year).
  • Future predictions show that 29% of Northern Ontario residents stated that the real estate market in their city or town will be ‘stronger’ (26% last year).

The purpose of the Ontario Home Ownership Index is to determine Ontarian’s views of the residential real estate market across Ontario. It also includes measures such as Ontarian’s insights of whether the real estate market in their city, town, and neighbourhood and across Ontario has improved or worsened in the past year and what are the future predictions. These predictions also help determine whether conditions across Ontario’s real estate market are important to people and helps them decide whether home ownership is something they want to invest in long term.

Source: Market Wired

 

 

 

Rajat Pathak
Sales Representative 

 

CENTURY 21 Miller Real Estate Ltd. 
Brokerage Independently Owned and Operated
#4 Office in Canada 
By Production CENTURY 21 Canada 2013
467 Speers Road, 
Oakville, ON L6K 3S4
Direct: 647.233.2777

 

Email:  rajsells@live.ca
www.century21.ca/rajat.pathak

 

 

 

Rajat Pathak

Rajat Pathak

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
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