Study Real Estate

A poll recently released by the Ontario Real Estate Association (OREA) says the dream of home ownership is alive and well among Ontario renters, with 70 per cent reporting that they would like to buy at some point in the future. However, the poll also shows that 81 per cent of Ontarians believe it is more difficult to own a home now than it was for their parents, and 89 per cent of Ontarians in general are concerned that home ownership will become even more difficult in the future.

“We have an obligation to protect the affordability of home ownership for future generations,” says Barb Sukkau, president of OREA. “From its impact on job creation to the healthy and stable environment it provides for raising a family, home ownership matters to people, communities and Ontario.”

Over half (54 per cent) of renters cited affordability as a key reason for not owning a home and 70 per cent surveyed indicated they would be more willing to consider owning if the government offered more tax breaks and incentives to offset costs for first-time buyers.

Homeowners also report higher levels of civic engagement. Eighty-two per cent of Ontario homeowners have donated to charity in the last two years; homeowners are much more likely to say they voted in the last municipal election than renters; and 35 per cent of owners say they have volunteered in their community.

OREA is proposing three policy initiatives to strengthen home ownership in Ontario:

-  An improved Land Transfer Tax (LTT) Rebate for first-time home buyers. OREA estimates that an improved LTT rebate would save a first-time buyer of an average resale home almost $1,500.

-  A permanent Ontario Home Renovation Tax Rebate. A renovation tax rebate would create jobs and curb the growth of the underground economy, says OREA.

- Reintroduce the Ontario Home Energy Efficiency Retrofit Rebate program. Investments in home energy efficiency will help homeowners cope with rising energy costs and curb greenhouse gas emissions, says the association.

Source: REM