Other interesting survey highlights include the fact that residents still want to purchase properties with land (54%). The youngest demographic (18-34) much preferred a large house and property over all other property types (at 47%), while the oldest demographic (55+) had the strongest inclination to not purchase property at all, choosing to keep the million dollars and rent (at 37%).
"We conduct these surveys every six months as a temperature check on how consumers are feeling about the real estate market in the Lower Mainland," said Ian Martin, General Manager, REW.ca. "Our findings this spring indicate that the tide is turning when it comes to perceptions towards buying homes, and, for the first time in a year, more Lower Mainland residents feel now is the time to buy - people want to get in before the market starts going up again. But, understandably, as confidence in buying waxes, sentiment towards selling wanes. We also loved our million dollar question, as we now know that most people prefer a large home in the suburbs over a luxury condo in the heart of a city."
Key regional findings:
-- Fraser Valley (Langley-east) residents are the most optimistic in the region about buying a home this spring - 68% of residents think the next three months will be a good time to buy, compared to the Lower Mainland's overall average of 54%.-- Fraser Valley (Langley-east) residents are also the most pessimistic in the region about the spring being a good time to sell a home - 79% feel it isn't a good time, compared to the Lower Mainland's overall average of 63%.-- Surrey/Delta/Langley residents are the most optimistic about selling this spring; 31% feel the time is right, compared to the region's average of 26%.-- Richmond residents are the most pessimistic about buying a home: 44% say it is not a good time (compared to the Lower Mainland's average of 34%).
About the survey
The complete survey charts are available here: www.rew.ca/news/vancouver-real-estate-cosumer-survey-mar2013
The survey was sponsored by REW.ca and conducted by Mustel Research Group. This REW.ca 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. 561 interviews were completed between February 28 to March 12, 2013 with Metro Vancouver and Fraser Valley residents, 18 years of age or over, and is a representative sample. The survey contains a 4.1% 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.
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 covering the Greater Vancouver market from Hope to Pemberton including the Sunshine Coast. REW.ca goes beyond just property listings by providing local news, community data, stats, trends, and analysis to offer a complete consumer guide to real estate search. REW.ca is the registered trademark for the online arm of the Real Estate Weekly newspaper, and is owned and operated by Glacier Media Inc. www.rew.ca.
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