Ontarians sacrifice entertainment and vacations for home ownership

Province's real estate regulator offers protection and resources to home buyers and sellers

TORONTO, Oct. 10, 2012 /CNW/ - A poll released today by the Real Estate Council of Ontario (RECO) reveals that nearly two-thirds of Ontarians (65 per cent) have made sacrifices when saving for the purchase of a home.

The top areas for cutting back spending include entertainment (70 per cent), vacations (69 per cent) and electronic goods (51 percent). Respondents also mentioned clothing, transportation, groceries and dining out as other expenses they trimmed when saving towards a home. The poll was hosted on the Angus Reid Forum.

"Preparing for the financial aspect of home ownership can take years of careful planning, saving and sacrifice," says RECO's President/CEO Tom Wright. "When it's finally time to buy that dream home, we want Ontarians to be informed and take all the right steps when making such an important purchase."

RECO administers the Real Estate and Business Brokers Act, 2002 on behalf of the Ontario government. All real estate professionals must be registered with RECO.

Earlier this week, RECO launched its first-ever province-wide TV advertising campaign to increase awareness of the resources and protection available to home buyers and sellers. The commercial showcases three vignettes depicting some of the common cutbacks that those saving for a home may encounter. It encourages viewers to make informed decisions and learn about the value a regulated real estate environment provides to Ontario's home buyers and sellers.

"We see circumstances where people have waived home inspections, not asked the right questions or simply rushed into a purchase without taking advantage of all the information that is out there to help them with such an important decision," added Wright.

RECO's website (www.reco.on.ca) offers a wealth of consumer-oriented information, including:

• Registrant Search Feature: A tool that allows consumers to confirm whether they are dealing with someone who is legally registered to trade in real estate in Ontario and whether that person has been the subject of any discipline activity.
• RECOnnect: A newsletter that offers tips and news for home buyers and sellers.
• Consumer Bulletins: Publications that address common questions received from consumers.
• Complaints: Consumers are encouraged to submit a complaint if they have concerns about a registered real estate professional. Complaint forms are available on RECO's website.

About the survey:

From September 11 to September 12, 2012 an online survey was conducted among 802 randomly selected adult Ontario residents who are Angus Reid Forum panelists. The margin of error—which measures sampling variability—is +/- 3.5 per cent, 19 times out of 20. The results have been statistically weighted according to the most current education, age, gender and region Census data to ensure a sample representative of the entire adult population of Ontario. Discrepancies in or between totals are due to rounding.

SOURCE: Real Estate Council of Ontario

Media contact:
Sherri Haigh, Communications Manager
Real Estate Council of Ontario
416-207-3108
[email protected]
@RECOhelps (Twitter)