Homebuying Intentions Remain Strong: IPSOS Reid Survey

Opportunity awaits— two-in-three Ontarian think it's a buyer's market

• According to IPSOS Reid survey, 73% of Ontarians think it's a buyers market right now and 30% say they intend to purchase a home over the next two years, up approx 9% (21%) from 2008.
  • Additionally, more than half (54%) indicate it makes sense to buy a home now versus waiting until next year.
• Younger Canadians are most likely to spark an upsurge in home sales. In the under 35 group, 48% said they plan to buy, which is up sharply from 36% last year.
  • Ontario renters also appear to be saying they are tired of paying someone else's mortgage payment, with 40% planning to become homeowners in the next two years
• A large majority of Ontarians (84%) remain positive that home ownership is a good investment.
• Among those who intend to buy, 3-in-10 say favourable housing price is a major reason driving their decision to purchase.
  • "Low mortgage rates and favourable housing prices are influencing home purchase intentions this year and may be the reason why more Canadians are poised to purchase over the next two years," according to the Study.
• Among those who plan to purchase in Ontario this year or next:
  •  34% cited the need for a bigger home.
  • 33% will do so because their current home does not meet their needs, and
  • 32% said they will buy because house prices are attractive.

• 76% said they plan to purchase resale and most (69%) will opt for a detached house.

• The primary reason stated by homeowners not planning to purchase a home is:
  • 60% are content with the home they have;
  • 8% Job loss/employment factors; and
  • 6% general concerns about the economy also influenced people's decisions not to buy a home.