October 12th - 2012

Buyers prize safety, value, location

Safety, perceived value and a location close to shopping or transportation are the most important factors Ontarians consider when buying a home, according to a new survey.

Safety, perceived value and a location close to shopping or transportation are the most important factors Ontarians consider when buying a home, according to a new survey.

Research commissioned by the Ontario Real Estate Association (OREA) reveals that 93 per cent of Ontario residents surveyed say safety (i.e. a low crime area and building security) is important when considering properties; 85 per cent rank the perceived value of the home (i.e. considered a good buy based on market and amenities) as a top consideration; and 80 per cent want the home to be close to amenities (e.g. shopping, transportation, etc.).

Child learning to ride a bike“Security -- both physical and financial -- is top of mind for Ontarians,” says Ron Abraham, president of OREA. “Home buyers may not know which neighbourhoods offer the best potential to grow their investment or which condo building provides maximum security features. A REALTOR® can help buyers find the right home in an area that meets their top needs.”

The OREA State of the Market survey released recently offers a snapshot of home buyers’ views in the province. The survey also found that:

  • 65 per cent of respondents age 18-34 ranked quality of local schools as an important factor when buying a home, while less than half (48 per cent) of people ages 35-54 said it was important.
  • 80 per cent of younger Ontarians (ages 18-34) say a property close to work is an important factor when buying a new home, dropping to 65 per cent for those in the 35–54 age group.
  • Men and women had similar responses to the questions. One noted difference was that 62 per cent of men said a desirable neighbourhood was an important factor to them, while 53 per cent of women said it was important.

Among those planning to buy a home in the next year, safety and perceived value are top factors, but the ongoing home maintenance on a property (amount of yard work, fees for condo management, etc.) is also ranked as important by 85 per cent of those surveyed.

When asked which type of home they would prefer to buy (a new home; a resale home that’s move-in ready; a home that requires minor renovations, a fixer-upper that needs major renovations, or a home they would tear down and rebuild), more than one third of those surveyed prefer a move-in ready resale home (39 per cent).

For more information on working with a REALTOR® and resources for home buyers, visit www.howrealtorshelp.ca.

For more details on the survey, see the news release titled Safety, Perceived Value and Location.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Senior Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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