Survey suggests Consumer Confidence Concerning Real Estate Improving
New BCREA survey suggests consumer confidence concerning real estate purchases may be improving
The May survey, conducted by the Mustel Group, was released on July 15. It contained questions that were last asked in a similar survey in January 2009. BCREA wanted to measure change in consumer attitudes over that four month period.
In a news release, BCREA 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.
BCREA president John Tillie said, “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.
To obtain a full copy of the survey results from the May 2009 and January 2009 surveys, please visit: