Bye-Bye B.C.
A recent study from Insights West reveals that 17% of BC homeowners are thinking of selling their home within the next two years. With another 29% said that they would consider doing so in the next five years.
Although it’s not surprising that British Columbia has become one of the most expensive real estate markets in Canada, it’s interesting to note it is the whole province and not just Metro Vancouver.
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There seems to be various reasons among these homeowners, however affordability does play a strong factor.
More than one-third (36%) of those that want to sell said that the pandemic pushed them further. It impacted renters, and coupled with rising home costs and less supply seemed difficult for many to maintain. These mentioned that they were looking to get something elsewhere that is more affordable.
Other reasons included downsizing, or relocating to elsewhere in the province. Of those looking to cash out and not buy again, only 6% are retiring.
This shows us that it’s especially difficult for young families and first-time buyers to find and purchase a home in today’s BC market. The British Columbia Real Estate Association (BCREA), calculated that the average residential price of a home in B.C. climbed to $902,000 in August 2021.
It’s hard to say if home ownership may get easier if more move out of B.C. However, the survey does show that there are some other assumptions about the B.C. market by homeowners.
- 72% believe housing prices will keep rising
- 72% believe there will be higher real estate valuations over the next two and five years
One thing stood out in the report regardless of being a renter or homeowners. It appears that millennials are being pushed out of the B.C. real estate market more than any other group.
You can see the survey from Insights West here.
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