Consumer Confidence in Selling Homes Slides This Fall: REW.ca Real Estate Survey
But it's family ties-not the region's liveability-keeping Lower Mainlanders in the country's most expensive housing market.
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/02/12 -- The September REW.ca Real Estate Consumer Confidence Survey reveals a recent flip-flop - and slide - in consumer sentiment towards selling a home in the Lower Mainland. According to the survey, a majority (58%) of residents think it's not a good time to sell over the next three months, while only 34% disagree, believing it is a good time to sell. This marks a big switch in consumer opinions from just six months ago, when the REW.ca March Real Estate survey found that 56% of residents had a positive outlook on selling a home, with only 33% thinking otherwise.
This reversal in consumers' sentiments toward selling supports the view that the Lower Mainland is currently experiencing a buyer's market. Of the 58% of residents who don't think the time is right to sell a home, 37% cited a belief that prices are on the way down (market correction) as their main reason. 25% of the people in this group blamed slowing sales, while 16% said there were too many properties for sale. Of the 34% who feel it is a good time to sell, taking advantage of current high prices and selling before a market correction were considered paramount.
As for whether it's a good time to buy this fall, little has changed since the spring. Consumers are still equally divided, with 50% of respondents agreeing it is a good time to buy (compared to 46% in March). The largest deterrents to buying this fall include high prices (34%) coupled with a fear of home values dropping after purchasing (29%). On the other hand, would-be buyers believe the market offers a lot of inventory with lower prices. Low interest rates also continue to be a key factor.
The survey also uncovers what keeps people residing in the Lower Mainland, even though it is an expensive place to live. Despite the region's highly touted liveability ranking, 43% of residents cited family as the number one reason, ahead of job (30%), climate (18%), and scenery (16%).
"Our surveys are designed to get in touch with consumers and really find out what people are thinking," said Ian Martin, General Manager, REW.ca. "Our fall findings indicate that consumer confidence in the Lower Mainland market is waning - particularly when it comes to selling homes - but we should all keep in mind the fact that real estate markets are cyclical. We are also intrigued by the revelation that, despite the Lower Mainland's enviable lifestyle offerings and stunning scenery, family is the number one reason why people stay in this market. Home truly is where the heart is."
Survey Highlights (See complete survey results at .)
Question: "Do you think it is a good time to sell a house or a condo in the next 3 months?"
Question: "Do you think it is a good time to buy a house or condo in the next 3 months?"
Top five reasons people continue to reside in the Lower Mainland, despite high cost of living:
Key regional findings:
More information about the survey
The complete survey charts are available - click here: . The survey was sponsored by REW.ca and conducted by Mustel Research Group. This survey is part of a regular series of polls focused on local residents' behaviours and beliefs. These survey findings provide additional views of the real estate market, beyond the analysts and economists. 550 interviews were completed between September 4 to 19, 2012 with Metro Vancouver and Fraser Valley residents, 18 years of age or over, and is a representative sample. The survey contains a 4.2% margin of error. Both renters and owners were surveyed. The regions included in the survey are: City of Vancouver, North Shore, Burnaby/New Westminster, Tri-Cities/Maple Ridge/Pitt Meadows, Richmond, Surrey/Delta/Langley east to Aldergrove, Abbotsford/Chilliwack.
About REW.ca
is Greater Vancouver's home for comprehensive online local real estate search. REW.ca is the first local website to bring together real estate buyers, sellers, agents, brokers and developers in one search portal. REW.ca goes beyond property listings to offer a complete consumer guide to real estate shopping with online agent selection and neighbourhood profile information. REW.ca is the online arm of the Real Estate Weekly newspaper and owned and operated by Glacier Media. .
B-roll video available for media at
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Brendan Bailey PR
Brendan Bailey
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604-340-2440
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Datum: 02.10.2012 - 07:00 Uhr
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News-ID 1156471
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