Posted by: Daryl & Wendy Ashby | March 26, 2010

Latest BCREA Survey

The BCREA (BC Real Estate Association) completed a two-part public opinion project conducted by Mustel Group Market Research. The points of interest tracked the top affordability barriers and how provincial taxes impact BC homebuyers. The second part uncovered new primary data on buyer intentions and energy-efficiency practices at home.

Findings revealed that four-in-ten British Columbians planned or hoped to purchase a home or other property within the next five years, with about half of these expecting to do so in the next two years.

The highest proportion (46 percent) planned on purchasing in Metro Vancouver, which indicated consumer confidence rising in urban areas.

Although affordability continued to be a key barrier to purchase, along with job security, ability to qualify for a mortgage, adequate income and general concerns over the economy, a higher proportion cited property tax as being a barrier.

The survey found that almost one-in-five considered Property Purchase Tax as being a major financial barrier to home ownership. Of those 44% said it played a major role in their home buying decisions.

The survey also revealed that making smart green choices at home was still at the top of the mind for most British Columbians. Fifty percent stated that they were more likely now to “green” their home than they were approximately one year ago. A total of 17% of home owners reported to have had an energy assessment of their home and 65% suggested they would be willing to pay more for an energy efficient home.

In all the survey revealed that people’s perception of the hurdles to home ownership have changed.

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