Are People Still Planning To Buy Houses This Year?

Has COVID-19 caused Buyers to rethink their purchase plans? Not really according to a recent Ipsos survey conducted on behalf of the Toronto Regional Real Estate Board.

"GTA-wide, 27 per cent of survey respondents said they were likely (very likely or somewhat likely) to purchase a home in the next 12 months. While buying intentions were down compared to spring 2019 (31 per cent likely), they remained relatively inline with the five-year trend, especially after taking into account survey credibility intervals. Home purchasing intentions were above the GTA average in the City of Toronto (34 per cent), for younger people aged 18 to 34 (45 per cent) and households with children (37 per cent)."

TRREB President Michael Collins goes on to say,

“While COVID-19 has temporarily impacted home sales and listings in the GTA, the Ipsos survey results that show home buying intentions have remained quite stable certainly suggest that many people will be looking to satisfy pent-up demand for ownership housing once recovery starts to take hold. As people gradually return to work, consumer confidence will improve, and a growing number of people will look to take advantage of very low borrowing costs to purchase a home. Home purchases will continue to be aided by the use of technology available to REALTORS®, including live-stream open houses,”

http://www.trrebwire.ca/…/trreb-releases-consumer-home-buy…/