REW.ca Real Estate Survey Shows Consumers Split on Buying a Home This Spring

VANCOUVER –The REW.ca Real Estate Consumer Confidence Survey reveals a close split on whether this spring is a good time to buy in Vancouver Lower Mainland. According to the survey, 46 per cent of Vancouver Lower Mainland residents think it’s a good time to buy in the next three months, while a close 42 per cent disagree.

Traditionally, spring is the busiest season for buying and selling houses, but this year, record-low interest rates line up against record-high prices, leaving consumers wondering where the market will go. Of the 46 per cent who believe it’s a good time to buy, 28 per cent gave low interest rates as the main reason, with 17 per cent saying it’s a buyer’s market with a lot of inventory available. Half of those who don't think it's a good time to buy cite high prices (49%), and 17 per cent of them see a housing bubble and expect a market correction with falling prices.
Meanwhile, a 56 per cent majority of respondents believe now is a good time to sell a house or condo in the Vancouver real estate market. Of this group, 18 per cent cite high prices as the reason to sell this spring, and 17 per cent believe there will be a market correction that will result in dropping prices.
Consumer uncertainty is reflected in this year’s sales figures. In both Greater Vancouver and the Fraser Valley, sales are below the 10-year average so far.