Tarion revealed the findings of its initial poll of Ontario new home purchasers this week to better understand our customers. They wanted to know why Ontarians choose new or pre-construction houses over resale homes and how they prepare for one of life’s largest expenditures. In many respects, the study verified what was already known about new home purchasers and owners from many years of running the province’s new home warranty program. Some survey results stood out.
New homebuyers prioritize energy efficiency.
New appliances and building materials make new homes energy efficient. Energy efficiency, size, affordability, and style were homebuyers’ top five variables when buying a new house. It was anticipated that poll respondents prioritize energy efficiency during high inflation and rising energy bills, but we didn’t expect it to finish first.
Most new house purchasers want to live in, not rent out, but prefer having alternatives.
According to the poll, only 15% of new homebuyers want to utilize their house as an investment property. We found it fascinating that more than half of respondents considered their house purchase a future revenue source. 58% of respondents prioritized the prospect of renting out all or part of the residence.
The survey findings show how Ontarians live and work post-pandemic.
In 2020-21, a “pandemic exodus” of urbanites fled Canada’s larger cities, including Toronto, for smaller towns or rural regions, with some abandoning Ontario completely. Our study showed that this tendency has slowed, and most respondents don’t expect to relocate far from their residence. Only 5% of respondents want to leave Ontario, while 56% contemplate purchasing their next home in the same town or city and 49% in the same area. Many poll respondents considered hybrid or remote employment while buying a property. When buying a house, 72% of respondents prioritized home office space.
New homebuyers understand the builder's warranty scheme, which is good
Eight respondents (83%) knew of Ontario’s new home warranty program, and six-in-ten (64%) thought it was crucial when buying a house. This was fantastic for Tarion. We want homeowners to know about the warranty and how to receive coverage if needed.