A Survey Says Value and Location Most Important to Ontario Homebuyers

One of the things if you know me is I love are statistics…the number never lie.   This summer the Ontario Real Estate Association commissioned a survey (hosted by Angus Reid) and one of its key findings is that 39% of buyers want a home that is move-in ready.

  • 93% of the Ontario residents surveyed said the low crime and building security were important with considering buying a property.
  • 85% of those same residents listed the value of the home, which they considered a good buy base upon market conditions and amenities.
  • 80% felt that a home should be close to amenities such as shopping and transportation.

These number certainly reflect what I hear on a regular basis from my clients.  In talking with my clients the first thing they ask me is what do I know about the neighbourhood.   There are some great Toronto neighbourhoods and there are others I tell them to take a pass on.

Other findings in the survey:

  • 65% of those who responded (age 18-34) ranked quality of schools as an important factor when consider purchasing a home, while 48% (aged 35-54) said it was important.
  • 80% of the age  18-34 Ontarians said a property close to work was an important factor where as the 35-54 age group drop to 65% as being important.
  • How did the sexes breakdown?   Men and women had similar responses to the questions, but it was noted that 62% of valued a coveted neighbourhood and 53% of women felt it was important.

This is a good snapshot of buyers and is very similar to what I see in the Toronto housing market.    The Ontario Real Estate Association didn’t just survey buyers, later this week I will tell you want they found out about those selling a home.

Though there were no number to back this up, of those who planned to buy a home in the next year they did take into consideration ongoing home maintenance (condo fees, yard work) as important.  Check my earlier blog post

Move-in ready homes preferred most:

  • 26% said that they would like a home that only required minor renovations and it seems that 5% of these respondents were more than ready to put with a major renovation.
  • 19% said they wanted a new construction and the number rising to 24% in the Greater Toronto Area (GTA).