The City of Vancouver invited Resonance Consultancy to present at an affordability workshop attended by participants ranging from UBC to the Vancouver Board of Trade.

1. FUTURE OF
B.C. HOUSING REPORT
A study of buyer and renter sentiment in British Columbia

2. Resonance Consultancy is a global
advisor on real estate, tourism and
economic development for leading
developers, destinations and cities
around the world.
R E S O N A N C E C O . C O M

3. Background & Objectives
R E S O N A N C E C O . C O M
Given the recent volatility of the housing market across British Columbia, Resonance Consultancy was
interested in conducting market research with BC residents.
The key objectives of the research were to better understand British Columbians’ housing attitudes and
preferences as well as their perceptions of the BC housing market.

4. 4
Insights West conducted an online survey with 1,714 residents across BC. An overall sample of
this size is considered accurate within +/-2.4%, 19 times out of 20.
All interviews were conducted between October 13-21, 2016.
The data was weighted by age, gender and region according to Census Canada data.
Province Sample Size Region Sample Size
British Columbia 1,714
Greater/Metro Vancouver 603
Vancouver Island 352
Interior/Okanagan 356
Kootenays 202
Northern BC 201
R E S O N A N C E C O . C O M
Methodology

5. A PROVINCE ONTHE MOVE
R E S O N A N C E C O . C O M

6. More than 4-in-10 home owners
and 7-in-10 renters in Metro Vancouver
are planning to buy/rent a different
home in the next 5 years.
R E S O N A N C E C O . C O M

7. R E S O N A N C E C O . C O M
Among those likely to move in the
next 5 years, three-quarters are
likely to stay in the region.

8. 28%
40%
35%
34%
1 IN 3 HOMEOWNERS IN METROVANCOUVERARE CONSIDERING SELLINGTHEIR
HOMETO MOVETO MOREAFFORDABLE MARKETS
METRO VANCOUVER
Millennials (age 18 to 34)
Gen X (age 35 to 54)
Boomers (age 55+)
R E S O N A N C E C O . C O M
88
Base: Own their home (n=387)
Q33b - How much do you agree or disagree with each of the following statements?
I’m planning to sell my home and move to a more affordable market

9. R E S O N A N C E C O . C O M
9
VANCOUVER’S INCOME GAP
$10K
$30K
$50K
$20K
$40K
$60K
$70K
$62,202
$60,091
$54,391
$53,905
$52,229
$50,456
$48,142
$47,267
$41,981
$64,352
Toronto HamiltonCalgary Edmonton MontrealOttawa Quebec CityWaterloo Winnipeg Vancouver
Source: Statistics Canada 2011 National Household Survey
2011 Median total incomes for 25-55 year olds with bachelor degrees

10. R E S O N A N C E C O . C O M
10
Base: Likely to move in the next 5 years (Total n=317)
Q25. What percentage of your household income (before taxes) do you dedicate to mortgage/rent?
Q25a.What is the maximum percentage of your household income (before taxes) that you could dedicate to mortgage/rent?
METRO VANCOUVER
Millennials
Gen X
Boomers+ 21%
30%
28%
27%
Current percentage Maximum purchasing
INCOMEALLOCATIONTO HOUSING IN METROVANCOUVER
30%

11. R E S O N A N C E C O . C O M
11
SENTIMENT OF UNAFFORDABILITY IN METROVANCOUVER
METRO VANCOUVER
Millennials (age 18 to 34)
Gen X (age 35 to 54)
Boomers+ (age 55+)
Base: All respondents (n=603)
Q16 - How affordable is housing in the city or region where you currently live?
85%
89%
86%
87%

12. R E S O N A N C E C O . C O M
PREFERRED PRODUCTS

13. R E S O N A N C E C O . C O M
Single family homes are the top
property types currently owned,
while vacation homes and single
family homes are the most desired
property types.

14. R E S O N A N C E C O . C O M
14
Base: All respondents (Total n=603)
Q6. Which of the following types of housing do you rent now, own now, are considering
purchasing, are considering renting, would like to own one day, or would like to rent one day?
Single family home
Apartment/condominium
Vacation home
Duplex/townhome/rowhouse
Retirement housing
Mobile home 4%
16%
15%
29%
11%
28%
1%
2%
12%
4%
13%
9%
2%
2%
12%
4%
23%
33%
Own now Considering purchasing Would like to own
PROPERTYTYPEPROPERTYTYPE IN METROVANCOUVER - OWN

15. R E S O N A N C E C O . C O M
15
Base: All respondents (Total n=603)
Q6. Which of the following types of housing do you rent now, own now, are considering
purchasing, are considering renting, would like to own one day, or would like to rent one day?
Single family home
Apartment/condominium
Vacation home
Duplex/townhome/rowhouse
Retirement housing
Mobile home
Rent now Considering renting Would like to rent
PROPERTYTYPE IN METROVANCOUVER - RENT
0%
6%
2%
4%
2%
2%
1%
3%
2%
5%
3%
0%
1%
3%
1%
18%
8%

16. R E S O N A N C E C O . C O M
Cost of housing is the most important
feature when deciding to purchase/
rent a new home, followed by private
outdoor space.

17. R E S O N A N C E C O . C O M
17
Base: All respondents (n=603)
Q30. On a scale of 1-10, how important are each of the following
features in your decision to purchase or rent a new home? Statistically significantly higher than comparison group(s).
MOST IMPORTANT HOME FEATURES IN METROVANCOUVER
REGION AGE
% Important (10 – Extremely Important, 9, 8)
Metro
Van.
(n=603)
Millennials
(n=149)
Gen X
(n=235)
Boomers+
(n=219)
Cost of housing 82% 84% 83% 79%
Private outdoor space 60% 44% 68% 68%
Number of bedrooms 59% 57% 62% 58%
Overall square footage/size 58% 57% 60% 55%
Walking distance to shopping/dining/entertainment 55% 53% 52% 61%
Access to public transit 55% 63% 51% 50%
Storage space 53% 45% 55% 58%
Garage/indoor parking 53% 43% 54% 63%
Proximity to work 53% 66% 62% 28%
Reputation of developer/building management 48% 38% 51% 57%
Pet friendly 45% 46% 46% 41%
Design/interior design 45% 40% 46% 49%
Sustainability/energy efficiency ratings 41% 38% 42% 44%

18. R E S O N A N C E C O . C O M
Most future home buyers prefer
to have 2 or 3 bedrooms in their
future home.

19. 3%
11%
31%
38%
13%
4%
R E S O N A N C E C O . C O M
AGE
Millennials
(n=102)
Gen X
(n=129)
Boomers+
(n=86)
Studio/Loft 4% 3% 3%
One 20% 7% 10%
Two 35% 33% 52%
Three 28% 34% 30%
Four 10% 18% 3%
Five or more 2% 5% 0%
19
*Small base size, interpret with caution.
Base: Likely to move in next 5 years (n=317)
Q22. How many bedrooms would you like to have in your next home?
Statistically significantly higher than comparison group(s).
NUMBER OF BEDROOMS IN FUTURE HOME IN METROVANCOUVER

20. R E S O N A N C E C O . C O M
AGE
Millennials
(n=102)
Gen X
(n=129)
Boomers+
(n=86)
500 square feet or less 7% 1% 3%
501-1,000 square feet 42% 25% 40%
1,001-1,500 square feet 30% 37% 36%
1,501-2,000 square feet 16% 21% 16%
More than 2,000 square feet 6% 16% 5%
20
*Small base size, interpret with caution.
Base: Likely to move in next 5 years (n=317)
Q23. What is the minimum size you would consider for your next home?
9%
18%
34%
35%
4%
Statistically significantly higher than comparison group(s).
MINIMUM SQUARE FOOTAGE OF FUTURE HOME IN METROVANCOUVER

21. R E S O N A N C E C O . C O M
HOUSING COMPROMISES

22. R E S O N A N C E C O . C O M
The top 2 housing compromises
Metro Vancouver residents are
willing to make are living in a smaller
home to be closer to transit, shops
and and restaurants and living in a
smaller home to be closer to work.

23. R E S O N A N C E C O . C O M
23Base: All respondents (n=603)
Q32. When choosing a new home to live in would you: Statistically significantly higher than comparison group(s).
REGION AGE
Metro
Vancouver
(n=603)
Millennials
(n=149)
Gen X
(n=235)
Boomers+
(n=219)
Consider living in a smaller home in order to be closer to
transit, shops and restaurants
50% 57% 46% 46%
Consider living in a smaller home in order to be closer to
your place of work 47% 62% 53% 23%
Consider living in a high-rise (8+ storey) building for a
reduction in property taxes
40% 53% 37% 30%
Accept a community park as a substitute to a personal yard
in order to live closer to work, transit, shops and restaurants
39% 45% 39% 32%
Consider living in a laneway home/ground-level/ basement
apartment to reduce housing costs
28% 30% 26% 28%
Give up a parking space for reduced purchase price/rent 25% 37% 26% 12%
Consider renting out your home on a short-term basis
through a service like Airbnb to help offset your living costs 22% 23% 25% 16%
Accept two children sharing a bedroom to live in an urban or
walkable community
19% 26% 20% 7%
None of the above 22% 13% 20% 34%
HOUSING COMPROMISES IN METROVANCOUVER

24. R E S O N A N C E C O . C O M
Metro Vancouver residents are most
likely to feel that taxing foreign
investment and limiting foreign
investment in the housing market are
sustainable solutions to address the
current affordability issue in the
region.

25. R E S O N A N C E C O . C O M
25
Base: All respondents (n=603)
Q39. What do you think would be a more sustainable solution in order to
address the current housing affordability issue in BC?
REGION AGE
Metro
Vancouver
(n=603)
Millennials
(n=149)
Gen X
(n=235)
Boomers+
(n=219)
Tax foreign investment in the housing market 71% 71% 70% 72%
Limit foreign investment in the housing market 70% 75% 69% 65%
Invest in more amenities and infrastructure in suburban areas to create new
economic centres outside downtown
51% 49% 48% 56%
Increase the housing supply by fast tracking approvals of new
rental buildings
48% 42% 46% 58%
Revise zoning in suburban areas to permit development of more multi-family
housing
46% 45% 44% 49%
Increase property taxes on single family homes to encourage higher
density development
13% 17% 14% 6%
Statistically significantly higher than comparison group(s).
POTENTIAL SOLUTIONS FORADDRESSING HOUSINGAFFORDABILITY IN METROVANCOUVER

26. THANK-YOU!
Tim Hasid
thasid@resonanceco.com
+1-604-681-0804