Vancouver home buyers split as whether to buy this Spring
Traditionally, spring is the busiest season for buying and selling houses, but this year, record-low interest rates line up against record-high prices, leaving consumers wondering where the market will go. Of the 46% who believe it's a good time to buy, 28% gave low interest rates as the main reason, with 17% saying it's a buyer's market with a lot of inventory available. Half of those who don't think it's a good time to buy cite high prices (49%), and 17% of them see a housing bubble and expect a market correction with falling prices.
Meanwhile, a 56% majority of respondents believe now is a good time to sell a house or condo in the Vancouver real estate market. Of this group, 18% cite high prices as the reason to sell this spring, and 17% believe there will be a market correction that will result in dropping prices.
Consumer uncertainty is reflected in this year's sales figures. In both Greater Vancouver and the Fraser Valley, sales are below the 10-year average so far.
"Our surveys are a way to find out what consumers are thinking about real estate here in Vancouver and really add to the market expert viewpoints," says Ian Martin, General Manager, REW.ca. "Our spring survey findings highlight the duality of opinions between buying now or waiting. On one hand you have potential home buyers seeing the low mortgage interest rates as a good opportunity to buy now. On the other hand you have those who believe we're due for a housing price correction."
See complete survey results at http://www.rew.ca/articles/good-time-to-buy-our-consumer-survey-241/
"Do you think it is a good time to buy a house or condo in the next 3 months?"
- 46% Yes, 42% No
- Top reasons it is a good time to buy (for 46% "yes" group):
- 28% say interest rates are low
- 17% say it is a buyer's market/many properties for sale
- 13% say prices will continue to rise
- Top reasons it is not a good time to buy (for 42% "no" group):
- 49% say prices are high
- 17% say prices will come down
- 15% say they are concerned about the economy
"Do you think it is a good time to sell a house or a condo in the next 3 months?"
- 56% Yes, 33% No
- Top reasons it is a good time to sell are (for 56% "yes" group):
- 18% say prices are high
- 17% say that prices will go down/market correction/housing bubble
- 14% say it is a good time of year to sell
- Top reasons it is not a good time to sell are (for 56% "yes" group):
- 29% say prices will go down/market correction/housing bubble
- 19% say they are concerned about the economy
- 13% say it's a buyer's market/too many properties for sale