Researching Real Estate Listings Online Doubles In Four Years
54% Of Canadian Adults With An Internet Connection Have Looked At Real Estate Listings Online, Up From 27% In 2000
Calgary, AB -- Over half of Canadian adults with an Internet connection (54%) have used the Internet to research house listings, according to a new Ipsos-Reid study. The study, which involved 1,000 telephone interviews with Canadian adults and 1,000 online interviews with Canadian Internet users1 in June 2004 shows that researching real estate listings online is one of the top online activities among Canadian adults, and is as popular among online Canadians as online banking (53%) and looking at job postings (55%).
Millions of Canadians surfing real estate websites are currently not planning to purchase real estate in the next two years or haven't made a purchase in the past two years, indicating that surfing the real estate sites out of curiousity or to simply stay on top of the market has become a popular activity, according to the study.
Given Canadians' propensity to look at listings online, having a strong online presence has become imperative for residential real estate companies. This is reinforced by the finding that 36% of Canadian Internet users looking at real estate listings online have visited a property that they first saw online, 14% have contacted an agent that they first discovered online, 11% have submitted an offer on a listing that they first saw online, and 9% have purchased a listing that they first saw online.
"Real estate companies have done a good job of effectively incorporating the Internet into their business," said Chris Ferneyhough, Vice President of Technology Research at Ipsos-Reid. "I imagine in the early days of the Internet, real estate companies were leery of the `net and what it meant to their business, but over time they've learned how to incorporate it effectively into their business and at the same time, allow prospective purchasers to save time and do their own research on their own terms."
Those who search real estate listings online say the greatest advantage is viewing other homes without having to leave their own home (25%), not having to deal with a real estate agent (18%), and the speed with which they are able to look at multiple listings (17%).
Additionally, 86% agree that the Internet allowed them to look at more houses, 75% agree that using the Internet saved time in the overall house hunting process, and 74% agree that the Internet helped them become better informed about their options during the house hunting experience.
However, seven-in-ten who have used the Internet to search real estate listings also name some disadvantages, including limited or incomplete information (22%), not being able to get a feel for the house (13%), and not being able to see a house's neighbourhood (11%).
"While the Internet is doing much to improve the overall house hunting experience, there is certainly room for improvement," said Ferneyhough. "Providing house hunters with more information about the house, the neighbourhood, local amenities, more pictures, and more video tours could convince even more house hunters to go online."
Among the most popular elements of searching real estate listings online are taking picture tours of properties (83%), taking video tours of properties (46%), and using mortgage calculators (37%).
MLS.ca is the most popular site for real estate website users with 57% having visited that site, followed closely by the 54% who have visited Remax's website and the 40% who have visited Royal Lepage's website.
1 74% of Canadian adults have Internet access from at least one location.
Methodology
The Canadian Inter@ctive Reid Report is the largest, most comprehensive and authoritative source of its kind about quarterly Internet trends in Canada. The results are based on 1,000 online questionnaires completed by members of Ipsos-Reid's Canadian Internet Panel. Panelists are chosen through random telephone surveys conducted on an ongoing basis across Canada. Results are complemented by a further 1,000 interviews via telephone with Canadian adults selected by random digit dialing. Telephone interviewing was conducted from June 18 to 23, 2004 using Ipsos-Reid's computer assisted telephone interviewing (CATI) facilities in Edmonton and Montreal. Online interviews were completed using confirmit, and they were completed between June 24 and 30, 2004.These data are statistically weighted to reflect the population proportions of regular online users by online expertise and regional distribution. Our panelists represent approximately 14.9 million Canadian adult Internet users who are online for one hour a week or more (there are a total of 17.5 million adults who have Internet access).
With a national sample of 1,000 (for each component), one can say with 95% certainty that the overall results are within a maximum of 1773.1 percentage points of what they would have been had the entire population of Canada's regular online users been surveyed. The margin of error will be larger for sub-groupings of the survey population.
For more information on this press release, please contact:
Chris Ferneyhough
Vice-President, Ipsos-Reid
Calgary, AB
403.237.0066
Rhys Gibb
Senior Research Manager, Ipsos-Reid
Vancouver, BC
604.257.3200 About Ipsos-Reid
Ipsos-Reid is Canada's market intelligence leader and the country's leading provider of public opinion research. With operations in eight cities, Ipsos-Reid employs more than 300 researcher professionals and support staff in Canada. The company has the biggest network of telephone call centres in Canada, as well as the largest pre-recruited household and on-line panels. Ipsos-Reid's Canadian marketing research and public affairs practices are staffed with seasoned research consultants with extensive industry-specific backgrounds, offering the premier suite of research vehicles in Canada--including the Ipsos Trend Report, the leading source of public opinion in the country--all of which provide clients with actionable and relevant information. Ipsos-Reid is an Ipsos company, a leading global survey-based market research group.
To learn more, visit: www.ipsos.ca
About Ipsos
Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and reactions of consumers, customers, and citizens around the world.
Member companies 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. They measure public opinion around the globe.
Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting and modeling and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999. In 2003, Ipsos generated global revenues of $644.2 million U.S.
To learn more, visit: www.ipsos.com
Ipsos is listed on the Euronext Paris Premier Marchй, and is part of the SBF 120 and Next Prime Indices as well as eligible to the Deferred Settlement System (SRD). Euroclear code 7329, Reuters ISOS.LN, Bloomberg IPS FP
Millions of Canadians surfing real estate websites are currently not planning to purchase real estate in the next two years or haven't made a purchase in the past two years, indicating that surfing the real estate sites out of curiousity or to simply stay on top of the market has become a popular activity, according to the study.
Given Canadians' propensity to look at listings online, having a strong online presence has become imperative for residential real estate companies. This is reinforced by the finding that 36% of Canadian Internet users looking at real estate listings online have visited a property that they first saw online, 14% have contacted an agent that they first discovered online, 11% have submitted an offer on a listing that they first saw online, and 9% have purchased a listing that they first saw online.
"Real estate companies have done a good job of effectively incorporating the Internet into their business," said Chris Ferneyhough, Vice President of Technology Research at Ipsos-Reid. "I imagine in the early days of the Internet, real estate companies were leery of the `net and what it meant to their business, but over time they've learned how to incorporate it effectively into their business and at the same time, allow prospective purchasers to save time and do their own research on their own terms."
Those who search real estate listings online say the greatest advantage is viewing other homes without having to leave their own home (25%), not having to deal with a real estate agent (18%), and the speed with which they are able to look at multiple listings (17%).
Additionally, 86% agree that the Internet allowed them to look at more houses, 75% agree that using the Internet saved time in the overall house hunting process, and 74% agree that the Internet helped them become better informed about their options during the house hunting experience.
However, seven-in-ten who have used the Internet to search real estate listings also name some disadvantages, including limited or incomplete information (22%), not being able to get a feel for the house (13%), and not being able to see a house's neighbourhood (11%).
"While the Internet is doing much to improve the overall house hunting experience, there is certainly room for improvement," said Ferneyhough. "Providing house hunters with more information about the house, the neighbourhood, local amenities, more pictures, and more video tours could convince even more house hunters to go online."
Among the most popular elements of searching real estate listings online are taking picture tours of properties (83%), taking video tours of properties (46%), and using mortgage calculators (37%).
MLS.ca is the most popular site for real estate website users with 57% having visited that site, followed closely by the 54% who have visited Remax's website and the 40% who have visited Royal Lepage's website.
1 74% of Canadian adults have Internet access from at least one location.
Methodology
The Canadian Inter@ctive Reid Report is the largest, most comprehensive and authoritative source of its kind about quarterly Internet trends in Canada. The results are based on 1,000 online questionnaires completed by members of Ipsos-Reid's Canadian Internet Panel. Panelists are chosen through random telephone surveys conducted on an ongoing basis across Canada. Results are complemented by a further 1,000 interviews via telephone with Canadian adults selected by random digit dialing. Telephone interviewing was conducted from June 18 to 23, 2004 using Ipsos-Reid's computer assisted telephone interviewing (CATI) facilities in Edmonton and Montreal. Online interviews were completed using confirmit, and they were completed between June 24 and 30, 2004.These data are statistically weighted to reflect the population proportions of regular online users by online expertise and regional distribution. Our panelists represent approximately 14.9 million Canadian adult Internet users who are online for one hour a week or more (there are a total of 17.5 million adults who have Internet access).
With a national sample of 1,000 (for each component), one can say with 95% certainty that the overall results are within a maximum of 1773.1 percentage points of what they would have been had the entire population of Canada's regular online users been surveyed. The margin of error will be larger for sub-groupings of the survey population.
For more information on this press release, please contact:
Chris Ferneyhough
Vice-President, Ipsos-Reid
Calgary, AB
403.237.0066
Rhys Gibb
Senior Research Manager, Ipsos-Reid
Vancouver, BC
604.257.3200 About Ipsos-Reid
Ipsos-Reid is Canada's market intelligence leader and the country's leading provider of public opinion research. With operations in eight cities, Ipsos-Reid employs more than 300 researcher professionals and support staff in Canada. The company has the biggest network of telephone call centres in Canada, as well as the largest pre-recruited household and on-line panels. Ipsos-Reid's Canadian marketing research and public affairs practices are staffed with seasoned research consultants with extensive industry-specific backgrounds, offering the premier suite of research vehicles in Canada--including the Ipsos Trend Report, the leading source of public opinion in the country--all of which provide clients with actionable and relevant information. Ipsos-Reid is an Ipsos company, a leading global survey-based market research group.
To learn more, visit: www.ipsos.ca
About Ipsos
Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and reactions of consumers, customers, and citizens around the world.
Member companies 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. They measure public opinion around the globe.
Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting and modeling and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999. In 2003, Ipsos generated global revenues of $644.2 million U.S.
To learn more, visit: www.ipsos.com
Ipsos is listed on the Euronext Paris Premier Marchй, and is part of the SBF 120 and Next Prime Indices as well as eligible to the Deferred Settlement System (SRD). Euroclear code 7329, Reuters ISOS.LN, Bloomberg IPS FP
