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Majority of homeowners plan to buy again within five years signalling stability

Real estate prices continue to rise, but a new Bank of Montreal poll says that hasn’t damaged GTA homeowners’ belief in the market.

According to research released on May 22, 57 percent of local homeowners polled plan to buy a new home within the next five years. That figure was 11 per cent ahead of the national average.

While the number varied widely in other cities compared with last autumn’s poll, BMO analyst Sal Guatieri says GTA homeowners’ intentions to buy in the future will hold steady for the rest of this year.

“Maybe people are sensing more stability,” says Guatieri, a senior economist with BMO Capital Markets. “I would not expect people to become more optimistic and jump into the market, but I don’t see a further fall back in sales, either."

Compared to last September, respondents were also less sensitive to changes in price. The percentage of Ontario residents who said they would buy a new home remained steady, even when pollsters introduced a hypothetical five per cent price increase.

Nationwide, four per cent fewer residents said they would buy a home if prices rose five per cent. Last fall the hypothetical price hike slashed the intention to buy a home by 10 per cent.

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Posted: Monday, June 10, 2013 3:06 PM by Sutton Realty


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