Other concerns included: shortage of the right types of homes for sale (20%), rising interest rates (14%), a general shortage of homes for sale (11%), the availability of mortgages (10%), and falling home prices (10%). Compared to the 2018 survey, concerns over the economic uncertainty due to COVID-19 and the cost and availability of property insurance emerged as new issues for homeowners. Meanwhile, homeowners expressed less concern over uncertainty in the housing market (26% in 2020 compared to 43% in 2018), rising interest rates (14% in 2020 compared to 61% in 2018), and the availability of mortgages (10% in 2020 compared to 21% in 2018). For current new homeowners in Metro Vancouver (64%) and the Capital Regional District (57%), economic uncertainty specifically related to COVID-19 was the most common concern. Homeowners living outside of Metro Vancouver and the Capital Regional District were almost equally worried about rising home prices (52%), as they were economic uncertainty related to COVID-19 (49%). They were also considerably more worried about a shortage of the ‘right type’ of homes (32%) and a shortage of homes for sale generally (25%).
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