Current New Homeowners - Confidence in the Housing Market
Housing Prices When asked how they anticipated housing prices to change in their community over the next 12 months, over half reported they expected prices to increase (62%), while over one-quarter expected prices to remain the same (28%). Homeowners most likely to expect an increase were those living outside of Metro Vancouver (77%). Homeowners 55 years of age and older (70%) were also more likely to expect an increase compared to those younger than 55 (57%). Buying and Selling When asked if it would be a favourable or unfavourable time to buy in their community,
Figure 38: Expected Changes in Housing Prices over the Next 12 Months, 2020
5%
5%
62% Predicted housing prices to increase
28%
62%
Increase
Remain the same
Decrease
Not sure
Base: (n=535)
57% responded it was favourable, 24% unfavourable and 19%were unsure. The proportion reporting it was a favourable time to buy was higher than 2018 (45%) and 2016 (44%). Homeowners living in the Capital Regional District were the most likely to report it would be a favourable time to buy over the next 12 months (61%) compared to those in Metro Vancouver (57%) and other areas in BC (55%).
Figure 40: Favourable Time to Sell, 2016-2020
Figure 39: Favourable Time to Buy, 2016-2020
43%
44%
45%
57%
59%
57%
33%
31%
30%
18%
25%
24%
24%
23%
25%
25%
18%
19%
2016 (n=302)
2018 (n=414)
2020 (n=535)
2016 (n=302)
2018 (n=414)
2020 (n=535)
Favourable
Unfavourable
Not sure
Favourable
Unfavourable
Not sure
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