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Yahoo Finance Canada - May 26, 2021
Young Ontario residents giving up on home ownership: survey
Soaring home prices in Ontario, which are up between 30-50 per cent from last year depending on the area, are forcing a growing number of younger residents (age 18-34) to give up on their dreams of home ownership.
The survey also found about half who are planning to buy in the next two to three years will use equity from their current home to buy their next home. And those buyers (age 35-54) aren't worried about rising mortgage rates, with 70 per cent saying a move of 1.5 per cent or less would have no effect on their buying plans.
"Homeowners continue to see the value in home investment. Current low rates are making it easier for many homebuyers to consider getting on the property ladder," said John Lusink, president of Right at Home Realty, in a release.
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Canadian Mortgage Professional - May 26, 2021
New study reveals the extent of Ontarians’ home-moving intentions
Nearly half (44%) of Ontarians working from home said that they have considered moving during the pandemic year, but a much lower proportion (18%) is expected to actually do so in practice, according to a new survey by Right at Home Realty.
Only a quarter of respondents who are looking to sell their homes over the next year would consider moving to a different neighbourhood in the same city. Around 39% of those planning to sell in the next two to three years said it will be to buy a home with greater space, versus the 33% who are intending to downsize.
“The vast majority of Ontarians have no plans to move or change city locations as a result of these new dynamics.” said John Lusink, president of Right at Home Realty.
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Today’s coronavirus news in Ontario real estate
Right at Home Realty president John Lusink said some who have made the move away from Toronto could face “a bit of a shock to the system” if their boss wants them back at work. Those who moved might find it difficult to reverse course as home prices have continued to escalate.
“They will have pulled themselves out of a market they can’t get back into,” he said.
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An Out-of-Town Move Could Hurt the Career, Say 42% of Ontarians
Soaring home prices, a new remote office culture, and an inevitable reevaluation of living spaces was the perfect combination for an exodus of Ontarians from urban areas like Toronto.
According to Right at Home Realty's latest consumer surveym if a work-from-home culture was made permanent, 55% of Ontarians say they’d consider relocating.
Not surprisingly, given a collective lockdown-inspired sense of stir craziness, the survey showed that of the homeowners who plan to sell in the next two to three years, 39% plan to purchase a bigger house. Meanwhile, just 33% said they intend to downsize.
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The Globe and Mail - May 5, 2021
New life returning to Toronto’s downtown condo market
Momentum in the Greater Toronto Area real estate market has swung back to the city core as buyers feel more optimistic that urban life is undergoing a renaissance.
At 1 Roxborough St. E. in Toronto, a buyer recently paid $11.6-million for a three-bedroom, four-bathroom unit, says agent Paul Johnston of Right at Home Realty. He sees the sale as a sign that people are feeling optimistic about the resilience of Toronto.
Mr. Johnston notes that buyers’ mindsets are changing as they reconsider their lives in the city and try to shake off the stagnation they have been feeling during the pandemic.
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Real Estate Magazine - Apr. 26, 2021
2021: The year of adaptability
While we may have developed the ability to adapt to the everchanging conditions caused by COVID-19 in a relatively short period of time, the need to develop this skill further has only increased in the real estate industry.
The skills that Realtors today are required to hone are far greater than ever before. Those who choose to be stagnant in their professional development can expect only one outcome: struggle to remain relevant in today’s market and to meet customer expectations.