Consumer confidence

Consumer confidence based on experience

Wednesday, November 11, 2015

According to a new survey conducted for the Real Estate Council of Ontario (RECO), age and experience account for the biggest differences in consumer confidence when it comes to buying and selling real estate in the province. Younger people and first-time homebuyers are usually the most cautious, especially with the financial aspect of real estate.

“The needs of consumers evolve as they enter different phases of life and therefore their concerns about buying and selling change too,” said Kelvin Kucey, deputy registrar, regulatory compliance at RECO, in a press release. “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.”

The survey took place on behalf of RECO as part of Financial Literacy Month to reveal and better understand the questions and concerns that consumers often have about the real estate market. The survey was conducted on 800 Ontario residents who had either bought or sold real estate in the past two years or are considering buying or selling real estate within the next two years.

While 87 per cent of those surveyed felt they were knowledgeable about the process of buying and selling a home, many still have financial concerns and anxieties surrounding the process. Meanwhile, 74 per cent worry they cannot afford the home they would like, and 68 per cent are concerned with the costs surrounding upgrades to their home.

“It’s important to be thorough in your search for a real estate professional. A good place to start is by asking friends and family for referrals and meet with at least three candidates,” said Kucey. “Ontarians can go to RECO’s website to check the status of registered real estate professionals and find out what questions they should ask before deciding whom to hire.”

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