71% say now good time to buy
The Real Estate Weekly - http://www.rew.ca/
Seventy-one per cent of British Columbians say now is a good time to buy a home, up from 60 per cent in November of 2008,
according to a new poll by Ipsos Reid. However, more than 80 per cent say now is not a good time to sell a home. The survey also found that 32 per cent of those polled said they expected to buy a home within the next two years. This is up from 20 per cent when the same question was asked at the end of last year. Hanson Lok., senior research manager at Ipsos Reid, said many buyers are looking for the first time. "We are seeing a greater number of first-time home buyers, looking to take advantage of more affordable homes, incentives from the government and lower costs of borrowing," Lok said. This year, first-time buyers make up 38 per cent of prospective buyers, up significantly from 17 per cent in November of 2008, Lok noted. About a third of British Columbians believe that average home prices will fall this year, the survey found. In the Fraser Valley, the consensus is that housing prices will decline 2.1 per cent in 2009, compared to a year earlier. Overall, B.C. residents polled are forecasting a 3 per cent average decline in house prices this year. For more information on the Ipsos Reid B.C. Home Buyer Report, phone Hanson Lok at 778-373-504, or visit www.ipsos.ca