Sutton Group - West Coast Realty

affairs strategy, the Association

sponsored a two-part public opinion

research project conducted by Mustel

Group Market Research. In May 2009,

the second survey tracked several key

measures asked in the January 2009

BCREA survey, including top

affordability barriers and how provincial

taxes impact BC homebuyers. The

second survey also uncovered new

primary data on buyer intentions and

energy-efficiency practices at home.

The results suggest that consumer

confidence concerning real estate

purchases may be improving.

Findings revealed that four-in-ten

British Columbians planned or hoped

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.

Although affordability continued to be

the key barrier to purchase, along with

concerns about job security, ability to

qualify for a mortgage, adequate

income and general concerns about the

economy, a higher proportion than in

the first survey cited property tax as a

barrier.

As one of BCREA’s key lobbying efforts

and answering the question of whether

the Property Transfer Tax (PTT) was

preventing homeowners, buyers, sellers

and renters from moving up, down or

into the market, survey findings were

extremely valuable. The survey report

stated that for almost one-in-five

British Columbians, the PTT continued

to be a major financial barrier to home

ownership. Of those aware of PTT, 44%

said that it played a role in their home

buying decisions.

All in all, the May 2009 survey results

revealed that people’s perception of

the hurdles to home ownership have

changed. This adjustment in the public’s

real estate outlook is good news

for homebuyers, sellers and renters

and after consecutive months of

increased home sales, it may suggest

that the optimism uncovered in this

survey is being reflected in the telling

tale of provincial home sales.

BCREA