According to information from the Ontario Real Estate Association’s Ontario Home Ownership Index, Ontario residents who are planning on buying a home within the next two years say that creating a budget is one of the most important (40 per cent) components of their planning process.
“The home buying process begins with a long hard look at one’s finances and knowing what you can afford – any real estate expert would agree with that,” said the president of the Ontario Real Estate Association, Costa Poulopoulos. “The fact that creating a budget came out on top shows that financial preparedness is important to buyers; it’s one element that is mandatory when buying a home.”
She continued, “Down-payment saving strategies depend on the buyer – one’s lifestyle, experience with real estate and often their stage-in-life, dictates which strategies will be most effective. However, regardless of age or experience, home ownership is one of the biggest financial commitments most people will make in their lives; it takes proper planning to do it right.”
Other highlights from the Index include:
- 36 per cent of Ontario residents planning on buying a home in the next two years will cut costs, while an equal amount will try to earn more money.
- 67 per cent of first-time buyers will create a budget, while only 29 per cent of repeat home owners will create a budget.
- The same amount of repeat buyers are going to cut costs or delay spending, while more than half of first-time buyers say they will.