Buying Real Estate Still A Strong Urge Despite Pandemic
As we get closer and closer to stage 2 of re-opening the Ontario economy, the Toronto Real Estate Board (TREB) today released some recent research commissioned to find out how the housing market could be further impacted by COVID-19.
This large survey was put in place to measure overall consumer sentiment, as well as peoples specific home buying and selling intentions. The result. Sales continue to be severely down in all real estate markets across Canada, However, buyers demand to purchase specifically in Toronto still remains quite strong.
According to the survey approx. 34% of respondents surveyed in Toronto said they were likely to purchase a home within the next 12 months. This marks a only a very small decrease from a year ago when the same data point was at 31%.
Current satisfaction with their home was the leading reason for why the other majority of respondents said that they had no intentions of buying over the next 12 months. Interestingly, only 16% said that the COVID-19 pandemic was the reason that they were unlikely to complete a real estate transaction in the next 12 months
It’ also interesting to note that within this survey cohort, the younger buyers and households with children were the most motivated with over 45% expressing interest to buy.
On the sell side there is a very drastic change from a year ago, with the interest sell decreasing by over 50%, nearly half of what it was last year at this time.
Only 17% expressed interest in selling within the next 12 months. This marks a considerable drop from spring 2019, where the same statistic was well over 32%. From this cohort COVID-19-related issues were the reason 22% said no.