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Fifty-eight per cent of Lower Mainland residents believe it is a bad time to sell a home over the next three months, while 34 per cent believe it is a good time, according to REW.ca’s September Real Estate Consumer Confidence Survey.
This marks a big switch in consumer opinions from just six months ago, when the March survey found 56 per cent of residents had a positive outlook on selling a home; only 33 per cent said it was a bad time.
Of the residents in the September survey who did not think the time was right to sell a home, 37 per cent cited a correction in prices as their main reason. One-quarter blamed slowing sales; 16 per cent said there were too many properties for sale.
Of the 34 per cent who felt that now was a good time to sell, taking advantage of current high prices and selling before a market correction were considered paramount.
At the opposite end of the spectrum, consumers were equally divided, with 50 per cent of respondents agreeing it was a good time to buy (compared with 46 per cent in March). The largest deterrents to buying this fall included high prices (34 per cent) coupled with a fear of home values dropping after purchasing (29 per cent).
The survey also provided insight into why people choose to live in the Lower Mainland, despite its high prices. Forty-three percent of residents cited family as the top reason, ahead of job (30 per cent), climate (18 per cent) and scenery (16 per cent).
The Western Investor