Among those who were likely to purchase a home before it is finished, just over half (53%) predicted they would buy a multi-unit home and just under half (47%) predicted they would buy a single detached home. Among those who were likely to purchase a home after it is finished, 59% predicted they would buy a multi-unit home and 41% predicted they would buy a single detached home.
Figure 47: Trends in the Type of Purchase Prospective Home Buyers Are Most Likely to Make, 2002-2020
17% 14% 15% 16%
18%
19%
45% 49%
60%
73%
48% 42% 36%
47% 50% 56%
27%
8% 12%
34%
9%
26%
18%
15%
7%
19%
16%
35% 33%
27%
6%
5%
21%
17% 19%
6% 5%
11% 8%
12%
2002 (n=363)
2004 (n=300)
2006 (n=614)
2008 (n=621)
2010 (n=536)
2012 (n=553)
2014 (n=525)
2016 (n=500)
2018 (n=502)
2020 (n=500)
Purchase from builder/developer
Purchase from a previous owner
Custom build
Not sure/depends
Single detached homes (49%) remained the most common dwelling prospective new home buyers intended to buy (or build) in 2020, followed by townhouses or duplexes (29%) and condominiums (22%). Between 2018 and 2020, the proportion intending to buy different dwelling types remained generally consistent, with a slight decrease in the intention to buy a condominium (28% in 2018 to 22% in 2020) and a slight increase in the proportion intending to buy or build a single detached home (43% in 2018 to 49% in 2020).
Figure 48: Dwelling Type Most Likely to Buy or Build, 2020
22%
49% Plan to buy a single detached home
49%
29%
Single detached Townhouse/ Duplex Condominium Other
Base: (n=500)
By region, more Metro Vancouver buyers planned to buy or build a single detached home (44%) than a townhouse/duplex (28%) or a condominium (27%). Among prospective new home buyers outside of Metro Vancouver, over half (56%) predicted they would be likely to buy a single detached home in the Capital Regional District and in the rest of B.C. First-time prospective new home buyers planned to buy or build a townhouse/duplex (37%) or a single detached home (35%) rather than a condominium (27%). However, repeat home buyers were more likely to plan to buy or build a single detached home (62%) and less likely to consider buying or building a townhouse/duplex (20%) or a condominium (17%).
41 | P a g e
Made with FlippingBook - Share PDF online