Unsure Canadians in Toronto seek help from agents

by Gerv Tacadena on 26 Feb 2020

The confidence of Toronto citizens about their ability to buy a home has continued to deteriorate, highlighting their need for a professional guidance, according to a study by Zillow and Ipsos.

The study showed that 77% of buyers and 68% of sellers in the city are concerned about the affordability of the homes they would like to buy.

For about four in five buyers, it is crucial that they consult real estate professionals, such as agents and brokers, as part of their search for a home. The same goes for nine in 10 home sellers in the city.

Read more: Why it's high-time to buy homes in Toronto

Aside from the skyrocketing house prices, the most common concern about the home-buying process for two in three Canadians in Toronto is coming up with a down payment.

A separate study by RE/MAX found that the 25% down payment needed for a house at an average price sits at $217,119. The study also found that homeowners in Toronto spend, on average, 40% of their incomes to pay for mortgages.

In the Zillow and Ipsos study, three in five Canadians said high monthly mortgage payments are another significant barrier that prevent them from owning a home.

Despite these challenges, the majority of Canadians in Toronto still value homeownership as a good investment.

Post a Comment

Most Trending News

Strategies to Predictably, Reliably Grow Your Real Estate Business

This 7-day free masters summit will provide you with all the tips and tricks you need to get started in real estate investing, how to expand your real estate portfolio, and much more.

Read More
June virtual conference promises to turn agents into millionaires

“The easiest way to prove to people you can help them is to just start helping them, no strings attached,” said Craig Proctor, the master realtor who revolutionized the team concept.

Read More
Lead Gen Masters Summit

Are you struggling to obtain new, qualified leads as a real estate professional? Merged Media is hosting an online conference on May 13th to discuss digital marketing tactics to grow your portfolio.

Read More