Who is buying & selling in the Fraser Valley?
A new survey of home buyers and sellers in the Lower Mainland reveals who is buying and selling homes, why they are buying and selling, what their experience is in the marketplace, if affordability and quality of life issues are important, and whether REALTORS® continue to play a significant role in the transaction process. On behalf of the Fraser Valley and Greater Vancouver real estate boards and funded by the Real Estate Foundation of BC, the survey was conducted by the Mustel Group in January 2009. Telephone interviews were conducted with a random selection of 1,100 residents (395 in the Fraser Valley and 705 in Greater Vancouver) who had either bought or sold a home or residential property in 2008.
Who uses REALTORS®?
- In the FVREB area, 94% of buyers use a REALTOR®
to buy their home and 92% use a REALTOR® to sell
their home. - In the REBGV area, 95% of buyers use a REALTOR®
to buy their home and 97% use a REALTOR® to sell
their home.
Where did clients first learn about their REALTOR®?
- Referral from friend, family, another REALTOR®: FVREB: 56%; REBGV: 60%
- Previously used the same REALTOR®: FVREB: 12%; REBGV: 10%
- Open house visit: FVREB: 8%; REBGV: 8%
- Internet website: FVREB: 6%; REBGV: 5%
- Media advertisement (newspapers): FVREB: 6%; REBGV: 3%
What were the most important qualities/skills in choosing their REALTOR®
- Honesty, integrity and ethical behavior: FVREB: 46%; REBGV: 46%
- Knowledge of the market and comparable homes for sale: FVREB: 22%; REBGV: 33%
- Knowledge of local area: FVREB: 17%; REBGV: 27%
- Responsiveness: FVREB: 23%; REBGV: 20%
Most valued services provided by REALTORS®
- Helped to determine neighbourhoods and communities best suited to need: REBGV: 23%; FVREB: 16%
- Placing/negotiating offers: FVREB: 24%; REBGV: 28%
- Took to open houses: FVREB: 24%; REBGV: 18%
- Helped with paperwork: FVREB: 14%; REBGV: 15%
- Helped to determine what could afford: FVREB: 10%;REBGV: 13%
Most useful source of information about homes for sale
- Internet: FVREB: 55%; REBGV: 60%
- REALTOR®: FVREB: 30%; REBGV: 28%
- Real Estate Weekly: FVREB: 6%; REBGV: 3%
- Local newspaper: FVREB: 4%; REBGV: 3%
- Yard signs: FVREB: 2%; REBGV: 4%
- Daily newspaper: FVREB: 1%; REBGV: <1%
W
ho is buying?
- In the FVREB area, 26% are first-time buyers.
- In the REBGV area, 22% are first-time buyers.
What did they buy?
- In the Fraser Valley 91% bought a resale home.
- In Greater Vancouver 90% bought a resale home.
- In the Fraser Valley, 56% of buyers bought a detachedhome, 21% a townhome, 19% a condominium and 2% a duplex.
- In Greater Vancouver 44% bought a single familyhome, 37% a condominium, 16% a townhome and 4% a duplex.
Why did they buy or sell?
- In the Fraser Valley, upsizing accounted for 36% of sales, downsizing for 22%, a change to be closer to work 14% a change of location 11%, and to be closer to families and friends, 7%.
- In Greater Vancouver upsizing accounted for 41% of sales, downsizing for 23%, a change of location 11%, a different style of home 10%, a change in location to be closer to work 10%, and to be closer to friends 4%.
- In both the Fraser Valley and Greater Vancouver the most important factor in selecting a home was style of home (53%), followed by size (37% for REBGV and 35% for FVREB area).