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New BC Survey Suggests Real Estate Purchase Confidence May Be Improving-July 15th 2009

New BC Survey Suggests Real Estate Purchase Confidence Improving

Vancouver, BC – July 15, 2009. A new survey of BC homeowners and renters on housing affordability and green housing issues suggests consumer confidence concerning real estate purchases may be improving.

Sponsored by the British Columbia Real Estate Association (BCREA), the May 2009 Mustel Group survey tracked several key measures asked in a January 2009 BCREA survey, including top affordability barriers and how provincial taxes impact BC homebuyers. It also uncovered new primary data on buyer intentions and energy-efficiency practices at home.

Findings revealed that four-in-ten British Columbians plan or hope to purchase homes or properties within the next five years, with about half of these potential buyers expecting to do so in the next two years. A higher proportion plan to purchase in Metro Vancouver (46 per cent) than elsewhere (35 per cent), which may indicate that consumer confidence is now higher in the urban area. In the January 2009 survey, findings did not vary by region.   

“We’ve had five consecutive months of increasing home sales, which may suggest that the optimism uncovered in this survey is being reflected in provincial home sales,” explains BCREA president John Tillie. “The May 2009 survey also revealed that people’s perception of the barriers to home ownership have also changed, which is good news for homebuyers, sellers and renters.”

Although affordability continues to be the key barrier to purchase, along with concerns about job security, lowering market values and general concerns about the economy, a slightly higher proportion of BC residents in the May 2009 measure indicated they did not have any purchase barriers at all. There was also a decrease in the number of people concerned about depreciating property values and less mention of general financial barriers.

 Click here to read the Full Report www.bcrea.bc.ca/news_room/2009-07-15Purchasing_Confidence_Survey.pdf.

If you have real estate questions, feel free to give me a call or drop me an email.

Shannon Babcock @ Landmark Realty Chwk. 604-795-1081 http://www.shannonbabcock.com

Working Diligently to GET RESULTS!

Posted: Thursday, July 16, 2009 9:00 AM by Shannon Babcock Prec

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