Prospective New Home Buyers - Confidence in the Housing Market
Housing Prices In 2020, 54% of prospective new home buyers expected housing prices to increase in their community over the next 12 months, which was similar to expectations in 2016 and 2018 (51% for both). Meanwhile, a quarter (24%) of home buyers expected prices to remain the same, while one-fifth (20%) expected prices to decrease. Prospective home buyers with annual household incomes below $50,000 were most likely to think that housing prices would increase in the next year (67%).
Figure 51: Prospective New Home Buyers Housing Price Predictions for the Next 12 Months, 2016-2020
48%
49%
49%
50%
51% 51%
52% 52%
54%
56%
57%
58%
20%
20%
20% 25%
23%
27%
19% 30%
26%
24%
21%
25%
24%
25%
23%
17%
23% 20%
20% 20%
24% 17% 17%
12%
7% 3%
6% 4% 3%
6% 5% 6%
5% 4%
2016 (n=500)
2018 (n=502)
2020 (n=500)
2016 (n=336)
2018 (n=297)
2020 (n=278)
2016 (n=62)
2018 (n=61)
2020 (n=49)
2016 (n=102)
2018 (n=205)
2020 (n=173)
All BC
Metro Vancouver
Capital Region
Rest of BC
Increase Remain the Same Decrease Not Sure
When comparing prospective new home buyer predictions in 2018 and 2020, results remained relatively consistent in Metro Vancouver with approximately half (52%) anticipating housing prices to increase. In the Capital Regional District, the proportion of prospective home buyers expecting housing prices to go up fell to 49%, after increasing from 50% to 57% between 2016 and 2018. Across the rest of the province, the proportion expecting housing prices to increase grew to 58% in 2020 after falling from 56% to 48% between 2016 and 2018.
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