Posted by: Daryl & Wendy Ashby | August 30, 2011

Points to Ponder

B.C. residents are still moving a lot: 

   Three quarters of British Columbian repeat buyers are moving earlier than they originally expected

   The top five features that British Columbians felt they compromised on when they purchased their previous home: they are not willing to budge this time on number of bedrooms (34%), price (30%), features of home (30%), layout of home (28%) and number of bathrooms (26%). 

   37% of British Columbians are likely to have considered a Home Equity Line of Credit (HELOC) when purchasing their next home.  Of those who would consider, nearly half would use it for the purposes of a renovation (47%) and 44% would like to have it simply as a cushion.

    The large majority (81%) plan to sell their current home and of those who are selling, four in five expect to sell at or above asking price (versus 62% in 2010).

  • In this year’s survey, British Columbians were more likely to say that investment opportunities (26% versus 21% nationally) and market conditions (28% versus 21% nationally) played a factor in their decision to buy another home.
  • Buyers should keep in mind that if they are expecting to sell above asking price, it’s likely they will need to also buy at above asking price.

    Among those who have purchased a second home and do not plan to sell their previous home:

  •  54% will keep the first home as a rental property. 
    • 29% say they will stay in their current home and the new home they buy will be a rental property. 
    • They are more likely this year to say the new home they’re buying will be a vacation home (15% versus 10%) or that a family member will be moving into their previous home (15% versus 3%).

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