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2014 will be a good year to buy, Ontarians say

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Guest | 02 Jan 2014, 07:48 AM Agree 0

Forget about the icy conditions sweeping across the province, the Ontario market is proving a very big hotspot for many opportunistic investors.
Two in three Ontarians are intending to buy a home in the next two years, thanks to ‘good’ economic conditions, according to a new survey by the Ontario Real Estate Association (OREA). Many investors are also looking to cash in on these favourable market conditions, with six in ten planning to sell up by the end of 2015.
“Consumers seem to be echoing a similar sentiment for the 2014 real estate market. Prospective buyers and sellers in particular are also more likely to believe the overall economy is strong, which may be why they’re considering buying or selling their home in the next two years,” says Sean Simpson, vice president, Ipsos Public Affairs.
While the current low interest rate and positive consumer sentiment is fuelling this short-term optimism in real estate, around 50 per cent of those surveyed say they believe the market will continue to strengthen within the next ten years.
  • Sam Elgohary | 05 Jan 2014, 10:47 AM Agree 0
    Way to go Ontario , we are in a good country thank god
  • Neil Jones | 06 Jan 2014, 04:31 PM Agree 0
    Finally the overall market in Ontario is expanding outside of the GTA. But wait till the government see the positive statics and they raise interest rates, putting a real damper on the market once again just as we start to recover.
  • scott | 13 Jan 2014, 01:23 PM Agree 0
    When most people say it's a wise investment in real estate, it's time to get the heck out of the game. Joe Kennedy (JFK's father) sold all his stocks when even the shoe-shine boy was giving him stock tips. A few months later, Wall Street crashed and the Great Depression began.

    Back in 2011 when my blue-collar aunt said silver was a good investment, I sold all my silver holding. Silver crashed from near $50 to $30 a few months later. When my grandma called jewelers daily to ask about physical gold prices in 2012, I knew it was time to sell gold. It peaked at $1900 then quickly dropped to $1600. Investors in a bubble won't see the bubble long after it has busted.

    You can't get an accurate reading of the real estate market from a real estate company or the industry group. Remember the rating agencies that rate mortgage-backed security AAA back in 2007? Listen to outside opinions, they tend to be more neutral. I'm not saying they are completely objective, but better than anything you may hear in Canada. Every foreign bank is saying Canadian homes are overvalued, except the Canadian banks.
  • Dennis Downey | 27 Jan 2014, 07:38 PM Agree 0
    This is encouraging, but does not solve the current issue that is lack of inventory. Part of the current price rise is a lack of supply in houses for sale.

    I hope there are a lot of new housing starts planned for the next two years.
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