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1 REW.ca Real Estate Consumer Survey Q4 2011. Real Estate Consumer Survey Q4 2011 Survey findings include: n Home preferences n Willingness to compromise.

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Presentation on theme: "1 REW.ca Real Estate Consumer Survey Q4 2011. Real Estate Consumer Survey Q4 2011 Survey findings include: n Home preferences n Willingness to compromise."— Presentation transcript:

1 1 REW.ca Real Estate Consumer Survey Q4 2011

2 Real Estate Consumer Survey Q Survey findings include: n Home preferences n Willingness to compromise and on what n Ideal location n Realtor added value 2 n About Survey: n Survey sponsored by REW.ca and conducted by Mustel Research Group. n 349 interviews completed with residents throughout Vancouver Lower Mainland. n 18 years of age or over who have bought or sold a home or property in the past three years or who plan to purchase / sell in the next three years or so. n Communities included in the survey are: Vancouver West Side, Vancouver East Side, Vancouver Downtown, Surrey, Burnaby/New Westminster, North Vancouver, Tri-Cities, Fraser Valley, Richmond, South Delta/Tsawwassen/White Rock, Langley, West Vancouver, Pitt Meadows/Maple Ridge, North Delta, Sea-to- Sky corridor (including Squamish, Whistler, Pemberton), and Bowen Island.

3 3 Home Preferences & Compromises

4 Ideal Location 4 Total (349) % Past Buyers/Sellers (94) % Future Buyers/Sellers (299) % Vancouver West side Downtown767 East side738 Burnaby/New West9610 South Delta/Tsawassen/White Rock9109 North Vancouver979 Fraser Valley858 Langley738 Tri-Cities544 West Vancouver453 Surrey443 Vancouver Island/Sunshine Coast323 Interior223 Richmond232 Pitt Meadows/Maple Ridge111 Out of Province1-1 North Delta<11- Q.4) What would be your ideal location if you could afford it?

5 Ideal Location by Area of Residence 5 Area of Residence Vancouver (n=109) % North Shore (n=42) % Burnaby/ New Westminster (n=36) % Tri-Cities/ Maple Ridge/ Pitt Meadows (n=35) % Richmond/ South Delta/ Tsawwassen /White Rock (n=43) % Surrey/ North Delta/ Langley (n=59) % Chilliwack/ Abbotsford (n=25) % Stay in current municipality/area Move to City of Vancouver n/a Move to other area Q.4) What would be your ideal location if you could afford it? Breakdown of answers by current area of residence.

6 Most Important Factors in Selecting Neighbourhood 6 Total (349) % Past Buyers/Sellers (79) % Future Buyers/Sellers (276) % Close to amenities such as shops, grocery stores, medical facilities Close to family/friends3332 Close to work/lessened commute time Close to parks and green space Close to public transit Lessened or no need to use vehicle (can walk or cycle) Safety/less crime Quality of schools8136 Close to water (streams, rivers, lakes, ocean) Close to schools463 Close to recreation facilities333 Close to airport1--1 Other6115 Q.7a) Apart from affordability, what were the 2 most important factors in selecting your neighbourhood location? Q7b) Apart from affordability, what are the 2 most important factors in selecting your neighbourhood location?

7 7 Type of Home Preferred Detached rancher, one level Detached two level Detached three level with basement Duplex/multiplex Townhouse Condo Base:Past buyers/sellers (n=79) Future buyers/sellers (n=276) Q.3a) What type of home did you purchase? Q.3b) If buying in the future, what type of home are you looking for? Past Buyers/Sellers Purchased Future Buyers/Sellers Want to Purchase 53%

8 8 Two Most Important Factors in Selecting a Home Number of bedrooms Style of home Size - upsizing (moving to a larger home) Investment potential Size - downsizing (moving to a smaller home) Environmental/energy efficiency Secondary suite in home Other Past Buyers/SellersFuture Buyers/SellersTotal Base:Total (n=349)Past buyers/sellers (n=79)Future buyers/sellers (n=276) Q.8a) Apart from the price, what were the two most important factors you considered in selecting your home? Q.8b) Apart from the price, what would be the two most important factors you would consider in selecting your future home?

9 9 Maximum Commuting Time Would Accept Past Buyers/SellersFuture Buyers/SellersTotal Under 10 minutes plus Average = 30 min Average by Age: yrs = 39 min yrs = 31 min 55 yrs + = 27 min Base:Total (n=349)Past buyers/sellers (n=94)Future buyers/sellers (n=299) Q.5) What is the maximum commuting time you would be prepared to accept to work, school or another destination that you travel to regularly?

10 10 Compromises in Order to Afford Home Past Buyers/SellersFuture Buyers/Sellers Size of home Distance from work Condition of home Lot size/size of yard Distance from friends/family Quality of schools Distance from schools Other Did not/would not make any compromises Base:Past buyers/sellers (n=79)Future buyers/sellers (n=276) Q.9a) What characteristics of your home or neighbourhood did you compromise in order to afford your home? Q.9b) What characteristics of your home or neighbourhood would you compromise in order to afford your future home?

11 11 Other Survey Highlights

12 12 Greatest Value Received From Realtor Past Buyers/Sellers Future Buyers/Sellers Total Help with paperwork/contracts Placing/negotiating offers Marketing/listing your current home Help to identify homes best suited to your needs Arrange open houses Help to determine neighbourhood and communities Other Base: Total (n=349)Past buyers/sellers (n=94)Future buyers/sellers (n=299) Q.12) What do you think is the greatest value you receive from a Realtor?

13 13 Used/Currently Using Realtor Base:Past buyers/sellers (n=79)Future buyers/sellers (n=276) Q.11a) Did you use a Realtor to buy or sell your home? Q.11b) Are you currently using a Realtor? Past Buyers/SellersFuture Buyers/Sellers

14 14 Perception of Home Prices in 2012 Total (n=349) Q.10) Do you believe that prices will increase, decrease or stay about the same in 2012? Vancouver (n=109) North Shore (n=42) Burnaby/New Westminster (n=36) Tri-Cities/Maple Ridge/Pitt Meadows (n=35) Richmond/South Delta/Tsawwassen/White Rock (n=43) Surrey/North Delta/Langley (n=59) Fraser Valley (n=25) Area of Residence

15 15 Questions??

16 Demographic Characteristics Total (349) % Past Buyers/Sellers (94) % Future Buyers/Sellers (299) % Gender Male Female Age Category Home Tenure Own Rent21423 Annual Household Income Less than $40, $40,000 to $59, $60,000 to $79, $80,000 to $99, $100,000 to $120, $120,000 or over Prefer not to say continued

17 Demographic Characteristics (cont’d) Total (349) % Past Buyers/Sellers (94) % Future Buyers/Sellers (299) % Area of Residence Vancouver West Side East Side Downtown656 Surrey Burnaby/New West10711 North Vancouver898 Tri-Cities868 Fraser Valley777 Richmond7108 South Delta/Tsawwassen/White Rock575 Langley526 West Vancouver313 Pitt Meadows/Maple Ridge222 North Delta121 Sea-to-Sky corridor11<1 Bowen Island11<1


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