When asked if it would be a favourable or unfavourable time to sell in their community, 57% reported it would be favourable and 25% reported it would be unfavourable. Just under 20% were unsure if conditions were either favourable or unfavourable to sell (18%). This represents a shift from 2018, when 43% of homeowners reported that it was a favorable time to sell and 33% reported it was an unfavorable time to sell. When it comes to selling, three-quarters (74%) of those living outside of the Capital Regional District and Metro Vancouver predicted it would be a good time to sell over the next 12 months. In the Capital Regional District, 60% reported it would be a good time to sell compared to 20% who reported an unfavourable time. In Metro Vancouver, 48% of current new homeowners reported it would be a good time to sell, while 32% reported it would be an unfavourable time. Market Concerns When asked to identify their biggest concerns with respect to the housing market over the next 12 months, the economic uncertainty related to COVID-19 topped the list (59%). Rising home prices (38%), cost and availability of property insurance (34%), uncertainty in the housing market (26%), and the ability to raise enough for a down payment (26%) rounded off the top five concerns.
Figure 41: Housing Market Concerns Among Current New Homeowners, 2016- 2020
59%
Economic uncertainty specifically related to COVID 19**
N/A N/A
38%
Rising home prices
41%
44%
34%
Cost and availability of property insurance**
N/A N/A
26%
Uncertainty in the housing market
43%
39%
26%
Ability to raise enough money for a down payment
28%
26%
20%
Shortage of the right type of homes for sale
18%
31%
14%
Rising interest rates
61%
47%
11%
Shortage of homes for sale
8%
18%
10%
Availability of mortgages
21%
13%
10%
Falling home prices
14%
11%
2020 (n=535) 2018 (n=414) 2016 (n=302)
6%
Other
8%
6%
3% 3%
Don't know
4%
** New answer option added for 2020
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