Budgeting Tops Cost Cutting and Earning More as Most Helpful Down-Payment Saving Strategy for Prospective Ontario Homebuyers
Three in ten (30%) prospective buyers would sell, or borrow against, other real estate they owned, while a quarter (23%) would invest in saving or RRSPs to save for their down-payment. Just one in twenty (6%) would rely on gifts or contributions from family to buy a home.
Interestingly, saving strategies differ among types of buyers:
- Two-thirds (67%) of first-time home buyers say they would create a budget compared to a slight majority (54%) who would cut costs or delay spending
- The majority of Generation Y respondents (54%) say they would create a budget whereas only one in five (19%) Baby Boomers would do the same
- Only a quarter (26%) of Baby Boomers and 44% of Gen Y respondents would cut costs
Other notable findings from this wave of The Ontario Homeownership Index include:
- 10% of Ontarians say they are `very likely' to purchase a home within the next two years
- 14% of Ontarians say they are `very likely' to sell a home within the next two years
- Three in ten (28%) Ontarians believe the current residential real estate market in their city or town is `very favourable' and six in ten (57%) say it is `favourable'
- 82% of Ontarians agree that real estate is a good investment
- 84% of Ontario residents think it makes more sense to own a home rather than rent over the long-term
- Ontarians ranked long-term investment value (29%), affordability/availability of homes (26%) and desire to own a home of my own (26%) as their top three reasons for a home purchase
These are some of the findings of an Ipsos Reid poll conducted between May 20th to 23rd, 2014 on behalf of the Ontario Real Estate Association (OREA). For this survey, a sample of 1,080 Ontarians from Ipsos' Canadian online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 3.4 percentage points had all Ontarian adults been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
For more information on this news release, please contact:
Sean Simpson
Vice President
Ipsos Reid
Public Affairs
(416) 572-4474
[email protected]
About Ipsos Reid
Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.
To learn more, please visit www.ipsos.ca.
About Ipsos
Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos ranks third in the global research industry.
With offices in 86 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.
Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.
Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,712,4 million (2 274 M$) in 2013.
Visit www.ipsos.com to learn more about Ipsos' offerings and capabilities.
