Intentions to Buy and Sell Real Estate Increase Among Ontario's Gen Y Population
Toronto, ON - More of Ontario's younger generations are likely to buy a home in the next two years, according to a new Ipsos poll conducted on behalf of the Ontario Real Estate Association. One in four (24%) Ontarians in Generation Y say they are likely to purchase a home in the next two years (up eight points from last year), while 18% of Ontarians in Generation X said the same (a six-point increase from a year ago). For the purposes of this study, Generation X is defined as Ontarians born in 1965-1980, while Generation Y is defined as those born 1981-1995.
In terms of their preferred housing type, half of Gen Y respondents say they are likely to purchase a detached house (51%), followed by a condo or apartment (28%), a semi-detached house (18%) or a row-house/townhouse (13%). Similarly, six in ten (63%) Gen X respondents say they are most likely to buy a detached house. Semi-detached houses are the second most popular choice (26%) for Gen X Ontarians, followed by condo/apartment and row house/townhouse (each at 17%).
`Desire to own a home of my own' (38%) is Gen Y's main motivator for purchasing a home in the next two years, followed by the `desire for a larger home' (28%). `Long-term investment value' features in the top three for both Gen Y and X, but for the latter group it is the biggest driver (35% compared to 28% for Gen Y). For Gen X, `desire to own a home of my own' (28%) and `change in family situation' (26%) round out the top three reasons for buying a home.
Furthermore, a larger number of Ontario's younger generations (X and Y) agree that real estate is a good investment - 81% of Gen X and 77% of Gen Y say it is a good investment, compared to 72% and 70%, respectively, who said so last year. Moreover, the perception gap is narrowing between generations, as 85% of Baby Boomers admit to real estate being a good investment - virtually unchanged since last year (down 1 point).
One in four Gen Ys (25%) say they are likely to sell their home in the next two years (up 15 points from one year ago), and 15% of Gen X say they are likely to do so (up 8 points). In comparison, 12% of Baby Boomers (up only 3 points from the previous year) say they are likely to sell their homes within the next two years.
These are some of the findings of an Ipsos poll conducted between May 31 and June 2, 2016, on behalf of the Ontario Real Estate Association (OREA). For this survey, a sample of 1,006 Ontarians from Ipsos' 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 +/ - 3.5 percentage points, 19 times out of 20, had all Ontario adults been polled. The credibility interval will be wider among subsets of the population. 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 Public Affairs
416.572.4474
[email protected]
About Ipsos
Ipsos ranks third in the global research industry. With a strong presence in 87 countries, Ipsos employs more than 16,000 people and has the ability to conduct research programs in more than 100 countries. Founded in France in 1975, Ipsos is controlled and managed by research professionals. They have built a solid Group around a multi-specialist positioning-- Media and advertising research; Marketing research; Client and employee relationship management; Opinion & social research; Mobile, Online, Offline data collection and delivery. Ipsos has been listed on the Paris Stock Exchange since 1999. www.ipsos.com
