OREAs 2021 Home Buyers and Sellers Report has just been released📈. Here are some takeaways from the report:
– Among young likely buyers (aged 18-34), for one quarter of them, COVID-19 had a silver lining in that they saved money and can now afford to buy (25%) or now have more time to dedicate to their home search (22%).
– Furthermore, approximately a quarter say lower interest rates have meant that they can buy a more expensive home (23%) or that they can have a shorter mortgage (24%), though those aged 55+ are not as swayed by this logic. Over half (54%) of those 55+ indicate the interest rates have not affected their decision to buy a home.
• The majority (63%) of homebuyers are most likely to buy a detached home, with smaller proportions likely to buy a town/rowhouse (14%), high-rise condo (8%), semi-detached (9%) or low-rise condo (6%,).
– On average, Ontarians anticipate being able to contribute 35% of the purchase price of the home as a down payment. Among first-time homebuyers, the average down payment is 23%. The size of the down payment grows with the age of the buyer, as equity can build over time. Interestingly, only 7% of buyers anticipate putting down less than 10%.
– Most sellers (88%) say they will use a REALTOR® to help them sell their home, but only half say they are using the same REALTOR® as last time. Among older sellers, only 37% say they are using the same agent they used on the sale of their last home.