OREA survey finds Ontarians worry after 45 days or more on market
TORONTO, July 24, 2012 /CNW/ - According to new research commissioned by the Ontario Real Estate
Association, the majority of Ontarians (60 per cent) would start to
feel anxious if their home was still on the market after 45 days or
more, while many (30 per cent) admit they would start feeling uneasy
after only 30 days. The average time it takes to sell a home in some
regions is 30 days, while homes in other regions of Ontario may take
twice as long, or longer, to sell.
The survey, hosted on the Angus Reid Forum, shows that many Ontarians
are in touch with average home selling times in their regions. For
example, in Toronto where the average time to sell a home is 30 days
(according to 2011 data from the Canadian Real Estate Association), a
third (33 per cent) of Torontonians admit they would start to worry
about their home selling after this time.
Other survey findings:
Eastern Ontarians are patient home sellers - The majority of eastern Ontarians (54 per cent) would start to worry
after at least 60 days of their home being on the market, yet it can
take as few as 38 days to sell a home in Ottawa or 48 days to sell a
home in Kingston.
905 knows its market - The majority of respondents in the 905 region (51 per cent) would
start to worry after 45 days or more without a sale, although 41 per
cent say they would begin to worry after 30 days; the selling time of
homes in the 905 region ranges from 24 days in Markham to 34 days in
Hamiltonians/Niagarans expect a quick sale - 51 per cent of respondents in this region say they would start to
worry about their home selling 45 days or more after putting it on the
market, while 40 per cent would start to worry after only 30 days,
despite the average days on market in Hamilton/Burlington and Niagara
being 51 and 67 days respectively.
"It would appear that some Ontarians are being influenced by what is
happening in other markets, particularly those that have been deemed
'hot'," says Ron Abraham, president of the Ontario Real Estate
Association. "A home that takes longer than 30 days to sell is no
reason for concern. A home's selling time depends on various factors,
price being the primary one. If it's priced right, it will sell, 'hot'
market or not."
In addition to setting the right price with the help of their Realtor,
Abraham advises homeowners follow their Realtor's advice when preparing
their home for sale and deciding on a marketing plan. Lastly, Abraham
urges every homeowner to exercise patience during the home selling
"Often times, homeowners go into the home selling process with a target
selling time in mind," says Abraham. "This can cause a great deal of
disappointment for the homeowner who misses this self-imposed deadline.
Home sellers should trust that their Realtor has the knowledge and
experience to prepare their home for the market and sell it in a
reasonable amount of time."
More information on preparing a home for sale and working with a Realtor
is available at www.howrealtorshelp.ca.
From June 19 to June 20, 2012, an online survey was conducted among 800
randomly selected Canadian adults who live in Ontario and who are also
Angus Reid Forum panel members. The margin of error—which measures
sampling variability—is +/- 3.46%, 19 times out of 20. The results have
been statistically weighted according to the most current census data
on age, gender, region and education to ensure the sample is
representative of the entire adult population of Ontario. Discrepancies
in or between totals are due to rounding.
About the Ontario Real Estate Association
The Ontario Real Estate Association represents 53,000 brokers and
salespeople who are members of the 42 real estate boards throughout the
province. OREA serves its REALTOR® members through a wide variety of
professional publications, educational programs, advocacy, and other
SOURCE: Ontario Real Estate Association
For further information:
To book an interview with Ron Abraham, president of the Ontario Real Estate Association, or for more information please contact:
Ontario Real Estate Association
(416) 445-9910 ext. 615
Thornley Fallis Communications
(416) 515-7517 ext. 350