Is Georgina About To Get An Influx Of Single Home Buyers?
Tuesday Feb 12th, 2019
Did you know that Georgina's population includes 12% single occupant households? It's true! That makes up more than 3,520 homes, according to the most recent census data.
We may see growth in single home buyers in Georgina over the next few years, according to the findings of a recent RE/MAX survey done by Leger, the 2019 RE/MAX Single Home Buyers Omnibus Survey, 26% of single Canadians are considering purchasing a home on their own, almost half of the respondents (43%) have less than $5,000 in debt and 35% have the savings available to make their down payment.
Which means there’s a lot of single qualified home buyers in Canada!
Fifty-two percent of single Canadians said economic uncertainty and expensive home prices are the biggest factors impacting their decision to buy.
“It’s concerning to see qualified buyers showing hesitancy toward home ownership. Price and economic factors aside, the additional unnecessary layers of government intervention have left many feeling pushed out of the market, or uncertain of it,” says Christopher Alexander, Executive Vice President & Regional Director, RE/MAX of Ontario-Atlantic Canada.
This loss of affordability of the average-priced home in the past few years has prompted many buyers to focus on lower-priced housing options. This has driven single home buyers out of higher priced areas like Toronto and moved them into regions like York Region in towns like Newmarket, Vaughan, and Georgina.
The 2018 year-end TREB Market Report data shows that properties here in Georgina sold for $353,500 less than the average home sold for in York Region. Not only is Georgina more affordable than the other towns in the region, but it also offers what the single demographic wants, single detached homes.
So, if you’re one of our 3500 single homeowners looking to meet another single homeowner, you may very well get your opportunity over the next few years.