Press for new detached homes on the increase in Ontario
Deviating for the previous year’s trends, a new research result from the Ontario Real Estate Association reveals that Ontarians are now requesting for detached homes instead of other types of homes.
The number of buyers in need of detached homes grew by 13% from last year and in Toronto, were is is quite known that supply of detached homes is always low, the demand for detached homes has increased 21 points year-over-year to 50%.
According to Tim Hudak the Ontario Real Estate Association CEO highlighted that with the short supply in the extravagant market, its reaching the point at which it’s very difficult for the demand of buyers to be met.
Homebuyers also have little options to choose from as there are limited amount of homes listed on the market. Hence an increase in detached homes in the market will be great news for home buyers. More homes on the market will mean more affordable homes.
In the past ten years, supply of homes have dropped significantly and according to the Building Industry and Land Development Association it was revealed that the short supply of houses is the driving force towards the rising home prices.
The supply of new homes is noticeably low and it’s becoming a major concern for the housing market. There is a significant imbalance in the hosuing market. Demand is very high while supply is at the far end.
For Hudak, the government should think twice about policies they plan on making as home ownership is a very important achievement for Canadians.
Although Ontarians are much determined to buy a detached home instead of a condominium, Torontonians are however much interested in buying a condominium apartment but the number of people going in for condos have also dropped over the years.
Information gathered from the Ontario’s Home Ownership Index, 79% OF Ontario residents revealed that having their own home is a priority for them in determining their success. 82% also stated that real estate is an advisable investment while 81% prefer to own their own house instead of renting.
However majority of Ontarians are driven into buying a house because they believe that owing a house is a future investment.