At the end of 2014, the Ontario Real Estate Association released research that showed Ontario residents are feeling more confident in the economy and real estate markets.
59% of Ontarians say their city’s economy is good right now, up from 53%.
33% say their city’s real estate market is stronger than a year ago, up from 29%.
66% of GTA residents said the state of their economy was good, up from 63%.
41% of GTA residents described the residential real estate market as stronger than a year ago, up from 35%
40% of GTA residents said their city’s real estate market will be stronger, up from 38%.
“In fall 2013, The Ontario Home Ownership Index was set to a benchmark of 100 points,” said the vice president of Ipsos Reid Public Affairs. “What that means is that consumers currently feel better about their real estate markets and economy than they did last year. Factors such as low mortgage rates, provincial job growth and two elections this year may have something to do with the upswing in perceptions.”
He continued, “The fact that the ten-year forecast continues to be stronger than short-term sentiment speaks to the long-term value that Ontarians place in owning a home. While real estate markets can ebb and flow, over the long-run there is a belief that real estate markets will be stronger than they are even today.”