Ontario Buyers Ready To Overspend In order To Buy Their Dream Home

Based on a poll that was conducted by the Real Estate Council of Ontario, the homebuyers in that area are doing all they can, including going overboard with their budgets to make sure they can buy their dream home, come rain come sun.

The poll showed that 47 percent of the respondents are ready and thinking of going 10 percent over their planned budget, while almost a third are thinking of going the extreme limit by going over 20 percent of their budget. The percentage of the respondents have gone to 57 and 38 percent in the Greater Toronto Area where bidding wars are rampant.

“Our research findings make it clear that too many Ontarians may be struggling to keep a cool head in the hot and highly competitive real estate markets that are becoming the norm. Buying or selling a home can be a rollercoaster of emotions. People tend to let their heart rule their heads, especially first-time buyers,” said Registrar of RECO, Joe Richer.

RECO is coming up with a tour of 13 places through the province from the fall to assist buyers and sellers to fully comprehend how to deal with challenges of the blazing real estate market.