Eight in Ten Gen X (79%) and Gen Y (77%) Ontarians Say Home Ownership is Important to Them

Toronto, ON - Eight in ten (79%) Gen X and Gen Y (77%) Ontarians say that home ownership is `important' to them, identifying it as a 6 or higher on an importance scale of 1 to 10, according to an Ipsos Reid poll conducted on behalf of the Ontario Real Estate Association.

Despite recent discussion in the news media about a growing trend among young people to rent rather than buy, 82% of Gen X (born '65 to '80) and 76% of Gen Y Ontarians (born '81 to '95) say that `over the long term, it makes more sense to own a home, rather than rent'. Furthermore, the vast majority of Gen X (82%) and Gen Y (73%) Ontarians believe that `real estate is a good investment'.

Reflecting on the current state of the real estate market in Ontario, six in ten (63%) Gen X and 51% of Gen Y Ontarians believe the market is `favourable', rating it as a 6 or higher on a scale of 1 to 10. This compares to only 23% and 17%, respectively, who rate the market as `not favourable', representing a 4 or lower on the scale of 1 to 10.

For Gen X respondents, their assessment of the housing market (63%) is slightly more favourable than their assessment of the Ontario economy, overall (57%), while Gen Y respondents have a more favourable view of the economy overall (61%) than the real-estate market (51%).

Looking ahead to the next year, one in three (33%) Gen Xers believe the residential real estate market in Ontario will strengthen, compared to just 20% who believe it will weaken. Gen Y Ontarians are also optimistic - four in ten (39%) think the market will strengthen, while two in ten (19%) think it will weaken. Over the long term, ten years from now, both Gen X (48% strengthen vs. 24% weaken) and Gen Y (50% strengthen vs. 19% weaken) are even more optimistic.

The survey also found that many Gen Y and Gen X Ontarians are likely to be active in the real estate market in the next two years. Nearly two in ten (17%) Gen X and 14% of Gen Y Ontarians say they are very likely to purchase a home in the next two years, choosing an 8, 9 or 10 on a likelihood scale of 1 to 10. Three in ten (30%) Gen Y Ontarians already own a home, a figure which rises to 61% among Gen X Ontarians.

Asked why they are looking at purchasing a home, Gen Xers cite a desire for a larger home (31%), the long-term investment value (30%), a desire to own their own home (30%), mortgage rates being right (29%), and a desire for a home in a better area (24%) among others. Gen Y reasons are in a different order: a desire to own a home of their own (33%), long-term investment value (32%), being financially ready (29%), and are much more likely to cite being emotionally ready (16%) as a reason for purchasing a home. The full list is seen below.

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These are some of the findings of an Ipsos Reid poll conducted between November 4 and 7, 2013, on behalf of the Ontario Real Estate Association. For this survey, a sample of 1,517 Ontario adults 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 +/-2.9 percentage points had all Ontario 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. In October 2011 Ipsos completed the acquisition of Synovate. The combination forms the world's third largest market research company.

With offices in 85 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 e1,789 billion (2.300 billion USD) in 2012.