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The Ontario Real Estate Association (OREA) recently completed a survey of Toronto Buyers and asked them what they’re thinking. The results:
What’s important when buying a home?
- 93% are concerned with safety (low crime area, building security)
- 85% perceived value of the home (considered a good buy based on market and amenities)
- 80% want to be close to amenities (shopping, transportation)
- 65% of people aged 18-34 years old rank quality of schools as important
- 80% of people aged 18-34 years old say a property close to work in important (drops to 65% for 35-54 year olds)
What type of home do Buyers want?
- 39% want a resale home that’s move-in ready
- 26% want a home that requires only minor renovations
- 5% are searching for a home that needs a major renovation
- 19% want a newly built home
- I was a bit surprised that safety ranked #1 (to research a neighbourhood’s crime rates, check out www.spotcrime.com)
- Happy to see value of the home is important (but surprised that 100% of people didn’t rank it as important!) To know the value of a home when buying, work with a realtor who knows the area and knows the market.
- Being close to TTC, shopping, restaurants and parks is always important to our clients. One of our clients this week said it best: “I want to have a cup of coffee from a neighbourhood cafe in my hand within 2 blocks”. Check out our Guides to Toronto’s Best Neighbourhoods to find out the best of what’s happening in Toronto’s top neighbourhoods.
- While there is much debate about how to rate the quality of schools in Toronto, it’s important for Buyers to be informed before they make a purchase.
- I wish OREA would have given us the stats by age group for the type of home people are looking for – in our experience, most of the 18-34 year old market (more like 25-34) want a move-in ready, renovated home (and who can blame them?)
I’ll be sharing the results of the survey of Sellers later this week…