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<\/a>Some of the notable figures include the following: <\/p>\n\n\n\n
\u2022 58 per cent of respondents prefer newly built homes for energy efficiency <\/p>\n\n\n\n
\u2022 35 per cent were born outside of Canada <\/p>\n\n\n\n
\u2022 54 per cent are millennials. <\/p>\n\n\n\n
\u2022 66 per cent are considering a fully detached home <\/p>\n\n\n\n
The report offers a clear picture of Ontario\u2019s homebuying types and their reasons for choosing a new build. <\/p>\n\n\n\n
Who\u2019s buying in Ontario?\u00a0\u00a0<\/strong><\/p>\n\n\n\n Over one-third (35 per cent) are new homebuyers, while the remaining two-thirds are repeat purchasers. Millennials comprise the bulk of first-time homebuyers, with 46 per cent responding. Fifty-four per cent of those surveyed were single. <\/p>\n\n\n\n When it comes to the type of home, first-timers had their eyes on a condo (42 per cent) or a townhome (43 per cent). <\/p>\n\n\n\n Baby boomers represent Ontario\u2019s repeat buyers by a whopping margin \u2014 86 per cent. <\/p>\n\n\n\n Why do Ontarians want to buy new homes?\u00a0\u00a0<\/strong><\/p>\n\n\n\n Besides the obvious appeal of being the first owner of a brand-new home, the Tarion report defines the other desires of potential Ontario new home buyers. <\/p>\n\n\n\n According to the survey, 84 per cent plan to use the new home as their primary residence. Nearly six in ten (58 per cent) would consider renting all or part of the home. Fifteen per cent may use it as an investment property. <\/p>\n\n\n\n Meanwhile, many respondents seek a hybrid work environment in a post-pandemic world. Almost three-quarters (72 per cent) value the possibility of working from home. <\/p>\n\n\n\n The top factors in choosing a new home include its size and space (98 per cent), price (98 per cent), the energy efficiency of the home (96 per cent) and its appliances (92 per cent), the home\u2019s style or design (94 per cent), the builder or building company\u2019s reputation (92 per cent), and the home\u2019s warranty protection (91 per cent). <\/p>\n\n\n\n Sustainability and energy efficiency are critical factors in purchasing a new home versus resale. <\/p>\n\n\n\n When respondents were asked why they prefer a pre-construction or newly built home rather than a home built more than five years ago, 58 per cent claimed freshly built homes are more energy efficient. Respondents more likely to value energy efficiency are aged 45-54 (67 per cent).\u00a0\u00a0<\/p>\n\n\n Livabl<\/em> spoke with Tarion CEO Peter Balasubramanian about the report\u2019s findings.\u00a0<\/p>\n\n\n\n Why did Tarion create this report?<\/strong> <\/p>\n\n\n\n I think one of the key elements is understanding who the customers are and their respective needs. <\/p>\n\n\n\n There’s been so much change over the past decade. Coming out of the pandemic, there are so many housing issues and so many demographic changes. I think it’s important for an organization like ours to spend some time and understand the consumer. We did not go into the survey with a preconceived notion. <\/p>\n\n\n\n What were some of the numbers that stood out to you?<\/strong> <\/p>\n\n\n\n We talked about window shoppers, but we broke it down into short, medium, and long-term intenders. Short-term would include those who are ready to buy right now or within the next three months (10 per cent). Medium might be pushing three to six months (29 per cent), and long-term are the people who don\u2019t plan to enter the market until six months or later (61 per cent). <\/p>\n\n\n\n That’s helpful to be aware of and I think it\u2019s something that we’ll want to look at over time to see how those numbers change. But I think that\u2019s a reflection of the way the uncertainty in the housing market is impacted by people in Ontario. <\/p>\n\n\n\n I think the pressures putting most people into the \u201cwait and see\u201d category are connected, and there are multiple factors. One of them is uncertainty around the overall economic situation. How much is it going to cost me to get a mortgage? But also, don’t forget that many people getting ready to buy a house already own a home, or have some property, as well. So, they’re also worried about prices changing and dropping. How long are they going to have to have their house on the market? <\/p>\n\n\n\n There are two elements to this equation that will either push people to look sooner or make them more likely to wait on the sidelines. And I think that’s something that we’re going to want to look at over time. <\/p>\n\n\n\n My feeling is that if we had done this review a year ago, you might have seen a higher number choosing to wait longer, and then you’d see it change down to 60 per cent. But the overall uncertainty hasn’t changed. What’s changed is that the pressure just has a limit to how far it can build. People are being pushed into the marketplace. <\/p>\n\n\n\n Were you surprised that energy efficiency was such a dominating factor in choosing a new home (96 per cent)?<\/strong> <\/p>\n\n\n\n That did surprise me \u2014 I probably would have guessed that would have been a bit lower. Before I saw this data, I would have defaulted to kind of the traditional factors: Location, price, maybe reputation of the builder as being the largest drivers. I think it pops out that a significant number of new homebuyers identifying energy efficiency is one of the most important things they’re considering. <\/p>\n\n\n\n Now we also know in the research, that the largest group is comprised of Millennials. It’s not surprising that energy efficiency may be more on their minds. <\/p>\n\n\n\n But I think it is a great signal to industry that they need to focus on delivering those features. And it’s a positive thing. Right now, all you need to do is open your door and smell the wildfires to recognize that climate change is upon us. <\/p>\n\n\n\n Energy efficiency is not just connected to paying less to maintain your home. It’s also about reducing your carbon footprint and working collectively to make sure that housing fits with our overall climate strategy. That’s an important data point. And I think you\u2019re going to start to see the building codes change. You’re starting to see designs and types of products being offered as part of the change, and I think that’s going to be great for Ontario.\u00a0<\/p>\n\n\n![\"A](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/07\/AdobeStock_184958513.jpg\")
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