45% of first time of home buyers say they wish they had done something differently when buying or selling their home. That’s according to the Real Estate Council of Ontario, who is educating home owners on making an important financial decision. November is Financial Literacy Month in Canada, and the Real Estate Council of Ontario is looking to help those buying or selling a home, by launching a campaign called Fact or Fiction.
Bruce Matthews, from RECO, says this is the largest financial transaction most of us will take on.
He says there are two main things to consider when buying or selling.
Matthews says there are big numbers from Northern Ontario when it comes to fully understanding the in’s and out’s of buying or selling a house.
• 43 per cent of Northern Ontario homeowners wish they had done something differently when buying or selling their home
• 65 per cent of homeowners in Northern Ontario reported that they did not feel prepared and knowledgeable about the process
• 38 per cent of Northern Ontario homeowners report there were sections of the real estate contract when they bought or sold a home that they did not fully understand
• More than one-third of homeowners in Northern Ontario homeowners (37 per cent) mistakenly think that after a real estate contract is signed, a buyer or seller has a trial period during which they can cancel it, and an additional 35 per cent said they do not know
• 37 per cent of Northern Ontario homeowners incorrectly believe that signing a representation agreement to buy or sell a home with one brokerage doesn’t limit a buyer or seller from working with representatives from another brokerage (23% did not know). This is significantly higher than Eastern Ontario homeowners (25%).
• Two-thirds of homeowners in Northern Ontario (66 per cent) could not identify the conditions under which a real estate professional could represent both a buyer and a seller in a transaction
• Only 34 per cent of Northern Ontario homeowners correctly know that real estate professionals may represent both sides in a deal only if the parties agree to “multiple representation” in writing. This is significantly lower than those in the Hamilton-Niagara region (49 per cent), the GTA (44 per cent) and Southwest Ontario (43 per cent).
• Half of Northern Ontario homeowners incorrectly believe that if you place a conditional offer on a home and the deal doesn’t proceed, you automatically get your deposit back.
Matthews says RECO is committed to helping Ontarians buy and sell their homes. For more information on Fact or Fiction, and statistics, visit Fact or Fiction