More Lower Mainland residents think it's a good time to buy a home but a bad time to sell, according to a new Real Estate Weekly (REW) survey.
The survey found that 54% of residents think it's a good time to buy, whereas 34% did not think this was the right time to purchase property. A similar survey done by REW last March found that 46% of residents felt it was the right time to buy.
Meanwhile, 63% of survey respondents thought it was not a good time to sell a home. Some 26% said this spring would be a good time to sell, the most common reason given for that being to sell before prices fall even further.
Data from the Real Estate Board of Greater Vancouver shows that prices for residential properties have been falling steadily since July of 2012. That was when the federal government introduced tougher mortgage rules in an attempt to cool off an overheated national real estate market.
"Our findings this spring indicate that the tide is turning when it comes to perceptions towards buying homes, and, for the first time in a year, more Lower Mainland residents feel now is the time to buy," said Ian Martin, general manager of REW.
The survey also revealed that, if given $1 million, most Lower Mainland residents would choose a suburban house over a city condo. But 23% said they would opt to rent instead of spending the fantasy money on Lower Mainland real estate.
