Ipsos Reid collected consumer survey data for The Toronto Real Estate Board for the board’s inaugural Outlook and Year in Review in a bid to profile buyers in one of the country’s hottest markets.
One key piece of data from that research was just how important first-time homebuyers are for agent business.
“First-time home buyers accounted for more than half (53%) of GTA home purchases,” TREB said in its report. “In the City of Toronto, the first-time buyer share was above the GTA average at almost 60%, while in the surrounding regions this share was below the GTA average, at approximately 47 per cent.”
The reason for the higher percentage of first-timers in the City of Toronto is due, in part, to the availability of condo units.
“The fact that the first-time buyer percentage was higher in the City of Toronto likely speaks to the prevalence of condominium apartments, which generally sell at a lower price per square foot than low-rise home types and thus represent a popular entry point into home ownership,” TREB said.
However, it may also speak to younger buyers’ desire to live in the city proper.
The survey also found that the average GTA homeowner has been living in their current home for 10 years.
“Those aged 18 to 34 have been in their current home for 4 years, on average, whereas those aged 55 years or older have been in their current home for 19 years on average,” TREB said. “This suggests that people’s housing needs tend to change more when they are younger, perhaps due to marriage or the arrival of children, etc.”
If you’re an agent in this increasingly competitive market, this is what you need to know about potential buyers.