The latest Quarterly Housing Trends and Affordability report from RBC Royal Bank of Canada says that overall, home affordability across Canada deteriorated in the second quarter of 2011 but local markets like that in Toronto remain strong.
According to the report, “Existing home sales eased in the second quarter in Ontario, but sellers remained in the driver’s seat in many local markets, including the Toronto area. Despite the return to a deteriorating trend this year, the evidence mostly suggests that affordability is not being overly strained at this point in Ontario.”
The report also says that slightly higher prices aren’t deterring buyers: “Home sales in the Toronto-area market maintained a fairly brisk pace in the second quarter, if slightly slower than that which marked the opening months of this year. Perhaps more importantly, however, was the fact that the availability of homes for sale continued to be somewhat tight, lending a strong hand to sellers in the price-setting prices. Tight market conditions set the stage for multiple offers and bidding contents, and this resulted in higher prices for sellers. So far this year, Toronto-area homebuyers remained motivated despite loss of affordability.”
The entire RBC Quarterly Housing Trends and Affordability report is available here.
Research provides snapshot of REALTORS®
A new survey by the Ontario Real Estate Association (OREA) offers a snapshot of the association’s members across the province.
The research unit in the OREA marketing and communication department completed its annual survey to gain a better picture of the demographic and business profile of members. About 2,500 REALTORS® participated in the survey, which took place in 2012 with results compiled in the first quarter of this year.
“This research provides us with a fascinating glimpse of our membership,” says OREA president Phil Dorner. “It gives us a clearer picture of the people we serve so that we can continue to work hard to meet their needs.”
The association has enhanced its research capacity over the past year in order to guide decision-making processes, he adds. “Solid research provides us with evidence-based information which enables us to make better decisions and give our members what they need to succeed in business.”
The survey revealed the following from the respondents surveyed:
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Tagged Ontario Real Estate, Ontario REALTORS