Survey shows that rising home prices are worrying for both buyers and sellers
The high cost of buying a home in Toronto is forcing many to rethink their ability to own the home of their dreams.
And while many current owners have seen the value of their home surge, when they consider selling they are also facing a challenge to move to the new home they would like.
Toronto-specific stats from a recent survey by Zillow and Ipsos show that 77% of buyers said they are concerned they can't afford the home they want, up four points from 2018; and 68% of sellers feel the same, up from 55% in 2018.
The majority of respondents believe their city is in a housing market bubble (84%) and at risk of correction. Few respondents felt that this applies to other major Canadian cities with Torontonians citing Vancouver as the second-highest risk of a correction (61%).
Down payment challenge
Asked about the barriers to homeownership, saving the down payment was cited by 66% while high mortgage payments (61%), qualifying for a mortgage (56%), debt (49%), and lack of job security (44%) were also frequently mentioned challenges.
Despite perceived barriers in the Toronto market, many Torontonians (83%) still value home ownership as a good investment, an increase from 79% in 2018. This is stronger than the national average of 76%.
And the value of real estate professionals is clear with 91% of sellers and 86% of buyers having consulted an agent or broker.
