Prospective new home buyers aged 18 to 34 years (31%) were more likely than those over the age of 34 (21%) to be concerned about the uncertainty in the housing market. Home buyers aged 55 years and older (38%) and those living in the Fraser Valley (33%) were more likely to be concerned about a shortage of the right type of homes for sale compared to the average (21%). Those fromCentral Okanagan (45%) were more likely than others to be concerned about the ability to raise enoughmoney for a down payment relative to the average (19%). Those who identified as Indigenous were more likely to be concerned about rising interest rates (32%) and the ability to raise enoughmoney for a down payment (26%) compared to the average respondent. Prospective New Home Buyers - Changes in Housing Needs & Preferences Due to COVID-19 Prospective new home buyers in 2020 indicated that more floor space (35%) and lower priced housing (30%) were the top ways their housing needs and preferences had changed due to COVID-19. Other ways needs and preferences had changed because of COVID-19 included a desire for more personal outdoor space (26%), home office space (24%), greater natural light and operable windows (21%), and better ventilation and air quality control (20%). Regionally, Capital Regional District respondents were more likely than other areas of B.C. to predict they will need or want greater personal outdoor space (42%) and greater natural light and operable windows (31%). Prospective new home buyers who were likely to custom build their new homes were the least likely to say they would need home office space (5% compared to 24% overall).
Figure 55: Ways that COVID-19 has Changed Housing Needs and Preferences for Prospective New Home Buyers, 2020
More floor space
35%
Lower priced housing
30%
Greater personal outdoor space (balconies, decks, gardens)
26%
A home office space
24%
Greater natural light and operable windows
21%
Better ventilation and air quality control
20%
Use of touchless technology
8%
Fewer units in building
8%
Other
1%
My housing needs and preferences have not changed because of COVID-19
19%
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