The Ontario Real Estate Association has released the portion of its Ontario Home Ownership Index that focuses on the Greater Toronto Area. The Home Ownership Index looks at Ontario residents’ perceptions of their local real estate market.
Patricia Verge, the president of the Ontario Real Estate Association, said that, “The Index measures consumer confidence in the economy and real estate markets both provincially and locally. What stood out in this wave of research was the significant increase in positive sentiment among GTA residents. As far as real estate markets go, the gap in sentiment appears to be closing between residents in the 416 and 905. We know that each of these areas is unique, but it is encouraging to see that residents in both are growing more positive about their local real estate markets.”
According to the index, 47% of those in the 416 say the real estate market in their city is stronger compared to last year, with 51% of 905 residents saying the same thing.
In addition, 40% of 416 residents say that their local real estate market will be stronger in the next year, and 52% of residents in the 905 area said the same thing.