An Insights West poll has revealed that almost one-third of homeowners in British Columbia are considering selling their properties to either move into something smaller or move to a more affordable location.
Just under three-quarters of BC residents (73%) think housing prices will rise in the next two years. Similarly, 82% think interest rates will rise in the next two years. Some homeowners (17%) are considering selling in the next two years, with 29% considering moving either downsize, cash out, or move somewhere cheaper.
COVID-19 played a major part in how people are evaluating their circumstances.
The pandemic has affected how many BC residents are viewing the housing market.
Insights West
Homeowners (36%) said that the pandemic had either a major (22%) or minor (14%) impact when considering selling or buying in a cheaper area in Metro Vancouver or the Fraser Valley.
Insights West
Almost two-thirds of BC residents (65%) think interest rates will go up in the next year. Almost half (48%) think it will go up a little, and 17% think it will go up a lot.
“The relentless climb of real-estate prices in BC and Metro Vancouver, in particular, has resulted in many homeowners weighing their options for cashing out,” says Steve Mossop, President of Insights West. “The option to downsize or move to a different location in BC in order to take advantage of the equity in their existing home has many weighing the alternatives.”
The COVID-19 pandemic also affected the attitude of renters in the region. Some renters ( 26%) are considering buying or moving to buy somewhere else more affordable in the next two years. Of the respondents, 60% said the pandemic impacted this consideration, and 37% of those said it was a major impact.
The results of this poll are based on an online study that took place in June among a sample of 808 BC residents (DailyHive).
What are your thought on this? Will you be buying a home here or moving to another location? Join the conversation on social media @Pulse1077!
-Kate