FUTURE OF B.C. HOUSING REPORT A study of buyer and renter sentiment in British Columbia
R E S O N A N C E C O . C O M Resonance Consultancy is a global advisor on real estate, tourism and economic development for leading developers, destinations and cities around the world.
R E S O N A N C E C O . C O M Background & Objectives • Given the recent volatility of the housing market across British Columbia, Resonance Consultancy was interested in conducting market research with BC residents. • The key objectives of the research were to better understand British Columbians’ housing attitudes and preferences as well as their perceptions of the BC housing market.
R E S O N A N C E C O . C O M Methodology • Insights West conducted an online survey with 1,714 residents across BC. An overall sample of this size is considered accurate within +/-2.4%, 19 times out of 20. Region Sample Size Greater/Metro Vancouver 603 Vancouver Island 352 Interior/Okanagan 356 Kootenays 202 Northern BC 201 • All interviews were conducted between October 13-21, 2016. • The data was weighted by age, gender and region according to Census Canada data. 4
R E S O N A N C E C O . C O M A PROVINCE ON THE MOVE
R E S O N A N C E C O . C O M Most British Columbians currently live in a suburban community or downtown/near downtown,which are also the two most desired locations.
R E S O N A N C E C O . C O M CURRENT AND PREFERRED LOCATION TYPE CURRENT LOCATION TYPE DESIRED LOCATION TYPE 44% 34% Suburban community Suburban community Downtown/near Downtown/near 34% 32% downtown downtown Small town 13% Small town 17% Rural area 8% Rural area 13% Resort area Resort area 1% 3% Base: All respondents (Total n=1,714) 7 Q14. Which of the following best describes the location where you currently live? Q15. Which of the following best describes the ideal location where you would like to live?
R E S O N A N C E C O . C O M Millennials’ location preference is equally divided between urban and suburban locations.
R E S O N A N C E C O . C O M DESIRED LOCATION TYPE TOTAL AGE Millennials Gen X Boomers+ (n=1,714) (n=249) (n=594) (n=871) 40% 34% 29% Suburban community 34% Downtown/near downtown 32% 41% 32% 26% 9% 16% 24% Small town 17% Rural area 13% 9% 13% 16% 1% 4% 4% Resort area 3% Statistically significantly higher than comparison group(s). Base: All respondents 9 Q15. Which of the following best describes the ideal location where you would like to live?
R E S O N A N C E C O . C O M Vancouver is viewed to be the most desirable city in Metro Vancouver, followed by Burnaby in a distant 2 nd
R E S O N A N C E C O . C O M MOST DESIRABLE METRO VANCOUVER COMMUNITIES AGE Millennials Middle Aged Seniors (n=202) (n=371) (n=348) 58% Vancouver 72% 60% 41% 27% 37% 25% 17% Burnaby 24% North Vancouver 28% 27% 14% 20% West Vancouver 19% 22% 18% 20% White Rock 14% 17% 30% 10% New Westminster 12% 9% 9% 10% 16% 6% 9% Richmond 10% Langley 11% 9% 11% 8% 10% 7% 8% Coquitlam 7% Surrey 9% 5% 8% 6% Tsawwassen 3% 5% 12% 6% Bowen Island 4% 8% 5% 5% Port Moody 5% 7% 4% 5% 3% 4% 7% Delta 4% Maple Ridge 4% 5% 4% 4% Abbotsford 4% 3% 6% 4% Port Coquitlam 3% 5% 4% 11 *Small base size, interpret with caution. Statistically significantly higher than comparison group(s). Base: Would most like to/consider living in Metro Vancouver (n=921) Q29. Which parts of Greater/Metro Vancouver would you most like to live in?
R E S O N A N C E C O . C O M More than 4-in-10 home owners and 7-in-10 renters are planning to buy/rent a di ff erent home in the next 5 years.
R E S O N A N C E C O . C O M Among those likely to move in the next 5 years, three-quarters are likely to stay in the same city/region, with Vancouver Island residents being the most likely to stay in the same city/region.
R E S O N A N C E C O . C O M Among the 1-in-4 residents who plan to move to a di ff erent region, one-quarter are most likely to move to Metro Vancouver, while another quarter are likely to move outside BC.
R E S O N A N C E C O . C O M FUTURE REGION MOST LIKELY TO MOVE TO Greater/Metro Vancouver 25% Kelowna and Thompson-Okanagan 13% Victoria, Vancouver Island South, & Gulf Islands 11% Nanaimo and Vancouver Island North 10% Cranbrook, Kootenays and Rockies 6% 4% Sunshine Coast 2% Prince Rupert, Prince George, and Northern BC 1% Squamish-Whistler-Pemberton 27% Somewhere outside BC Base: Likely to move to different region in next 5 years (n=182) 15 Q19b. Which B.C. region are you most likely to move to?
R E S O N A N C E C O . C O M 1 IN 3 HOMEOWNERS IN METRO VANCOUVER ARE CONSIDERING SELLING THEIR HOME TO MOVE TO MORE AFFORDABLE MARKETS 34% Total Metro Vancouver Residents Millennials (age 18 to 34) 35% 40% Gen-X (age 35 to 54) 28% Boomers (age 55+) 16 16
R E S O N A N C E C O . C O M VANCOUVER’S INCOME GAP 2011 Media total incomes for 25-55 year olds with bachelor degrees $70K $64,352 $62,202 $60K $60,091 $54,391 $53,905 $52,229 $50K $50,456 $48,142 $47,267 $41,981 $40K $30K $20K $10K Toronto Ottawa Calgary Waterloo Hamilton Quebec City Edmonton Winnipeg Montreal Vancouver 17 Source: Statistics Canada 2011 National Household Survey
R E S O N A N C E C O . C O M PREFERRED PRODUCTS
R E S O N A N C E C O . C O M Single family homes are the top property types currently owned, while vacation homes and single family homes are the most desired property types.
R E S O N A N C E C O . C O M PROPERTY TYPE RENT OWN Single family home Single family home 8% 12% 43% 8% 23% 74% Apartment/condominium Apartment/condominium 17% 11% 10% 38% 15% 22% Vacation home Vacation home 4% 4% 26% 34% 1% 7% Duplex/townhome/rowhouse Duplex/townhome/rowhouse 9% 10% 12% 31% 4% 9% Retirement housing Retirement housing 1% 2% 15% 18% 1% 10% Mobile home 1% 3% Mobile home 3% 2% 3% 8% Considering renting Would like to rent Own now Considering purchasing Would like to own Rent now Base: All respondents (Total n=1,714) Q6. Which of the following types of housing do you rent now, own now, are considering 20 purchasing, are considering renting, would like to own one day, or would like to rent one day?
R E S O N A N C E C O . C O M Cost of housing is the most important feature when deciding to purchase/ rent a new home, followed by private outdoor space.
R E S O N A N C E C O . C O M MOST IMPORTANT HOME FEATURES Cost of housing 44% 20% 16% 80% Private outdoor space 27% 19% 18% 65% Number of bedrooms 16% 15% 24% 55% Overall square footage/size 15% 15% 23% 52% Storage space 13% 14% 24% 51% Walking distance to shopping/dining/entertainment 15% 14% 20% 49% Garage/indoor parking 17% 14% 18% 49% Pet friendly 25% 10% 13% 48% Reputation of developer/building management 15% 13% 19% 47% Access to public transit 17% 13% 16% 46% Proximity to work 14% 14% 18% 46% Sustainability/energy efficiency ratings 10% 14% 21% 44% Design/interior design 9% 12% 21% 42% 10 – Extremely important 9 8 Base: All respondents (n=1,714) 22 Q30. On a scale of 1-10, how important are each of the following features in your decision to purchase or rent a new home?
R E S O N A N C E C O . C O M LESS IMPORTANT HOME FEATURES Age of home/building 10% 10% 21% 41% Guestrooms for friends/family 10% 11% 15% 36% Air-conditioning 9% 8% 13% 29% Gourmet kitchen 5% 9% 14% 28% Proximity to good schools 6% 6% 10% 22% Access to fitness facilities 5% 6% 10% 22% Formal dining room 2% 4% 8% 14% In-law/rental suite 4% 3% 7% 14% Access to swimming pool 3% 3% 7% 13% Proximity to good child care 2% 3% 5% 11% 3% 2% 5% 10% Community room/clubhouse Electric car charging station 2% 2% 5% 9% 10 – Extremely important 9 8 Base: All respondents (n=1,714) 23 Q30. On a scale of 1-10, how important are each of the following features in your decision to purchase or rent a new home?
R E S O N A N C E C O . C O M For Millennials, cost of housing, proximity to work and access to transit are most important.
R E S O N A N C E C O . C O M For Gen-X, cost of housing, private outdoor space and number of bedrooms are most important.
R E S O N A N C E C O . C O M For Boomers, cost of housing, private outdoor space and garages/indoor parking are most important.
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