The demand for detached homes with more space and backyards is only growing in Ontario. According to new research released by the Ontario Real Estate Association, about half of the number of Ontario residents who are planning on purchasing a home in the next 24 months want that home to be a detached home., which is an increase of 13 points over last year.
Only 14% of Ontario residents who are looking to buy a home in the next two years are looking to buy a townhome, while 19% say they will likely buy a semi-detached home.
“With limited supply of this housing type, it’s becoming increasingly difficult to meet the demand,” said the CEO of the Ontario Real Estate Association, Tim Hudak. “Young families looking for more space, a backyard to play with their kids in, simply don’t have enough options to choose from. Increasing the supply of single-family detached houses, as well as semis and townhouses, will give buyers more choice at affordable levels.”
Hudak continued, “Demand for detached houses is up while supply is critically low – no wonder prices are rising so quickly. We need more homes on the market, government should give careful consideration to policies that will increase supply. Homeownership is not a fad – it is the Canadian dream.”