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Vancouver Real Estate Consumer Survey

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Courtesy the Real Estate Weekly. Copyright -All Rights Reserved. Published on YatterMatters with Permission

Courtesy the Real Estate Weekly. Copyright -All Rights Reserved. Published on YatterMatters with Permission

Published in: Business, Real Estate

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  • 1. Q4 2011REW.ca Real Estate ConsumerSurvey 1
  • 2. Real Estate Consumer Survey Q4 2011  About Survey:  Survey sponsored by REW.ca and conducted by Mustel Research Group.Survey findings include:  349 interviews completed with residents throughout Vancouver Lower Mainland. Home preferences  18 years of age or over who have bought or sold a home or property in the past three Willingness to compromise and on what years or who plan to purchase / sell in the next three years or so.  Communities included in the survey are: Ideal location Vancouver West Side, Vancouver East Side, Vancouver Downtown, Surrey, Realtor added value Burnaby/New Westminster, North Vancouver, Tri-Cities, Fraser Valley, Richmond, South Delta/Tsawwassen/White Rock, Langley, West Vancouver, Pitt Meadows/Maple Ridge, North Delta, Sea-to- Sky corridor (including Squamish, Whistler, Pemberton), and Bowen Island. 2
  • 3. Home Preferences & Compromises 3
  • 4. Ideal Location Total Past Buyers/Sellers Future Buyers/Sellers (349) (94) (299) % % % Vancouver 33 42 32 West side 18 32 16 Downtown 7 6 7 East side 7 3 8 Burnaby/New West 9 6 10 South Delta/Tsawassen/White Rock 9 10 9 North Vancouver 9 7 9 Fraser Valley 8 5 8 Langley 7 3 8 Tri-Cities 5 4 4 West Vancouver 4 5 3 Surrey 4 4 3 Vancouver Island/Sunshine Coast 3 2 3 Interior 2 2 3Q.4) Whatwould be your Richmond 2 3 2ideal location Pitt Meadows/Maple Ridge 1 1 1if you could Out of Province 1 - 1afford it? North Delta <1 1 - 4
  • 5. Ideal Location by Area of Residence Area of Residence Tri-Cities/ Richmond/ Burnaby/ Maple South Delta/ Surrey/ New Ridge/ Pitt Tsawwassen North Delta/ Chilliwack/ Vancouver North Shore Westminster Meadows /White Rock Langley Abbotsford (n=109) (n=42) (n=36) (n=35) (n=43) (n=59) (n=25) % % % % % % %Stay in current 82 81 56 52 68 59 60municipality/areaMove to City of n/a 7 11 11 21 7 8VancouverMove to other area 18 12 33 37 11 34 32 Q.4) What would be your ideal location if you could afford it? Breakdown of answers by current area of residence. 5
  • 6. Most Important Factors in Selecting Neighbourhood Past Future Total Buyers/Sellers Buyers/Sellers (349) (79) (276) % % % Close to amenities such as shops, grocery 41 41 44 stores, medical facilities Close to family/friends 33 32 32 Close to work/lessened commute time 22 20 22 Close to parks and green space 15 17 15 Close to public transit 19 15 19 Lessened or no need to use vehicle (can walk 13 14 13 or cycle) Safety/less crime 16 13 16 Quality of schools 8 13 6 Close to water (streams, rivers, lakes, ocean) 15 10 17 Close to schools 4 6 3 Close to recreation facilities 3 3 3 Close to airport 1 -- 1 Other 6 11 5Q.7a) Apart from affordability, what were the 2 most important factors in selecting your neighbourhood location?Q7b) Apart from affordability, what are the 2 most important factors in selecting your neighbourhood location? 6
  • 7. Type of Home Preferred Past Buyers/Sellers Future Buyers/Sellers Purchased Want to Purchase Detached rancher, one level 10% 20% Detached two level 53% 15% 22%Detached three level with basement 18% 11% Duplex/multiplex 3% 2% Townhouse 23% 19% Condo 32% 26% Base: Past buyers/sellers (n=79) Future buyers/sellers (n=276) Q.3a) What type of home did you purchase? Q.3b) If buying in the future, what type of home are you looking for? 7
  • 8. Two Most Important Factors in Selecting a Home Total Past Buyers/Sellers Future Buyers/Sellers Number of bedrooms 39% 38% 35% Style of home 43% 37% 44%Size - upsizing (moving to a larger home) 24% 28% 23% Investment potential 22% 24% 21% Size - downsizing (moving to a 27% 30% 15% smaller home) Environmental/energy efficiency 21% 13% 23% Secondary suite in home 9% 13% 8% Other 12% 23% 9%Base: Total (n=349) Past buyers/sellers (n=79) Future buyers/sellers (n=276)Q.8a) Apart from the price, what were the two most important factors you considered in selecting your home?Q.8b) Apart from the price, what would be the two most important factors you would consider in selecting your futurehome? 8
  • 9. Maximum Commuting Time Would Accept Total Past Buyers/Sellers Future Buyers/Sellers Under 10 minutes 5% 6% 5% 10 7% 5% 7% 15 7% 6% 8% 20 18% 16% 18%Average by Age: 21-29 3% 3% 2%18-34 yrs = 39 min35-54 yrs = 31 min 30 27% 31% 25%55 yrs + = 27 min 35 3% 1% 3% 40 4% 5% 4% 45 12% 15% 11% 50 2% 3% 2% 60 plus 12% 7% 13% Average = 30 min Average = 30 min Average = 30 min Base: Total (n=349) Past buyers/sellers (n=94) Future buyers/sellers (n=299) Q.5) What is the maximum commuting time you would be prepared to accept to work, school or another destination that you travel to regularly? 9
  • 10. Compromises in Order to Afford Home Past Buyers/Sellers Future Buyers/Sellers Size of home 37% 44% Distance from work 32% 24% Condition of home 30% 25% Lot size/size of yard 22% 43% Distance from friends/family 22% 30% Quality of schools 1% 23% Distance from schools -- 26% Other 9% 2%Did not/would not make any compromises 15% 16%Base: Past buyers/sellers (n=79) Future buyers/sellers (n=276)Q.9a) What characteristics of your home or neighbourhood did you compromise in order to afford your home?Q.9b) What characteristics of your home or neighbourhood would you compromise in order to afford your future home? 10
  • 11. Other Survey Highlights 11
  • 12. Greatest Value Received From Realtor Total Past Future Buyers/Sellers Buyers/Sellers 34% 32% 34% Help with paperwork/contracts Placing/negotiating offers 22% 22% 22% Marketing/listing your current home 18% 20% 19%Help to identify homes best suited to your 15% 10% 16% needs Arrange open houses 3% 9% 2% Help to determine neighbourhood and 2% communities 2% 2% Other 4% 5% 4% Base: Total (n=349) Past buyers/sellers (n=94) Future buyers/sellers (n=299) Q.12) What do you think is the greatest value you receive from a Realtor? 12
  • 13. Used/Currently Using Realtor Past Buyers/Sellers Future Buyers/Sellers Yes No Yes No 94% 6% 65% 35% Base: Past buyers/sellers (n=79) Future buyers/sellers (n=276) Q.11a) Did you use a Realtor to buy or sell your home? Q.11b) Are you currently using a Realtor? 13
  • 14. Perception of Home Prices in 2012 Total (n=349) 33% 13% 54% Vancouver (n=109) 40% 17% 43%Area of Residence North Shore (n=42) 31% 14% 55% Burnaby/New Westminster (n=36) 33% 19% 47% Tri-Cities/Maple Ridge/Pitt Meadows (n=35) 34% 6 60% Richmond/South Delta/Tsawwassen/White Rock (n=43) 28% 5 67% Surrey/North Delta/Langley (n=59) 22% 14% 64% Fraser Valley (n=25) 36% 8% 56% Increase Decrease Stay about the same Q.10) Do you believe that prices will increase, decrease or stay about the same in 2012? 14
  • 15. Questions?? 15
  • 16. Demographic Characteristics Past Future Total Buyers/Sellers Buyers/Sellers (349) (94) (299) % % % Gender Male 49 54 48 Female 51 46 52 Age Category 18-34 16 16 16 35-54 39 43 37 55+ 46 42 47 Home Tenure Own 79 96 77 Rent 21 4 23 Annual Household Income Less than $40,000 10 9 11 $40,000 to $59,999 13 11 14 $60,000 to $79,999 15 10 16 $80,000 to $99,999 14 15 14 $100,000 to $120,000 14 16 13 $120,000 or over 17 26 15 Prefer not to say 17 15 17 continued
  • 17. Demographic Characteristics (cont’d) Past Future Total Buyers/Sellers Buyers/Sellers (349) (94) (299) % % % Area of Residence Vancouver 31 34 31 West Side 13 19 12 East Side 12 10 13 Downtown 6 5 6 Surrey 11 10 11 Burnaby/New West 10 7 11 North Vancouver 8 9 8 Tri-Cities 8 6 8 Fraser Valley 7 7 7 Richmond 7 10 8 South Delta/Tsawwassen/White Rock 5 7 5 Langley 5 2 6 West Vancouver 3 1 3 Pitt Meadows/Maple Ridge 2 2 2 North Delta 1 2 1 Sea-to-Sky corridor 1 1 <1 Bowen Island 1 1 <1