A survey by the Real Estate Council of Ontario (RECO) says almost seven in 10 boomers and seniors in the province are concerned about getting the most value from their current home, while almost half (48 per cent) worry about the real estate bubble bursting.
Sixty-four per cent of survey respondents in the Greater Toronto Area (GTA) are concerned that the real estate bubble will burst.
Eastern Ontario respondents are more concerned with how long their current home will sit on the market (62 per cent). Respondents from northern Ontario are the most concerned of all regions about the rise in closing costs (92 per cent).
RECO says age and experience account for the biggest differences when it comes to consumers’ confidence when buying and selling real estate in Ontario. Younger people and first-time homebuyers have more concerns, especially about the financial aspects of real estate.
“Consumers should take the time to get informed about the process of buying and selling a home and know that a registered real estate professional is a valuable partner when trying to navigate the real estate market,” says Kelvin Kucey, deputy registrar, regulatory compliance for RECO.
The research surveyed 800 Ontarians who said they bought or sold in the past two years or are considering buying or selling real estate within the next two years.