A recent survey by Insights West reveals that 17% of BC homeowners are thinking of selling their home within the next two years. With a further 29% saying they would consider doing so in the next five years.
While it is not surprising that British Columbia has become one of the most expensive real estate markets in Canada, it is interesting to note that it is the entire province and not just Metro Vancouver.
There seem to be various reasons among these homeowners, but affordability plays a strong factor.
More than a third (36%) of those wishing to sell said the pandemic pushed them further. It affected tenants, and along with rising housing costs and smaller supply, it seemed to many to be difficult to maintain. These mentioned that they were looking for something else that is more affordable.
Other reasons included cuts or relocation to other places in the province. Of those who want to pay out and not buy again, only 6% retire.
This shows us that it is especially difficult for young families and first-time buyers to find and buy a home in today’s BC market. The British Columbia Real Estate Association (BCREA) calculated that the average home price of a home in BC rose to $ 902,000 in August 2021.
It’s hard to say whether home ownership can become easier if more people move out of BC. However, the study shows that there are some other assumptions about the BC market among homeowners.
- 72% believe that house prices will continue to rise
- 72% believe that there will be higher property valuations over the next two and five years
One thing stood out in the report, whether one is a tenant or a homeowner. It seems that millennials are being pushed out of the BC real estate market more than any other group.
You can see the study from Insights West here.
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