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REW.ca Real Estate Consumer Q4 2011 Survey Shows Importance of Liveability and Home Size Compromises in Vancouver Lower Mainland Communities

 

VANCOUVER, BRITISH COLUMBIA, Jan 05, 2012 (MARKETWIRE via COMTEX) -- A comprehensive survey sponsored by REW.ca and conducted by Mustel Research Group reveals what past and future home buyers and sellers in Vancouver Lower Mainland area find important and what they are willing to compromise on. See complete survey results here.

The survey shows that in selecting their location in Vancouver Lower Mainland, liveability factors are most important. "Close" is the word that sums up what respondents want in a location, with 41% of home buyers and sellers selecting "close to amenities" and 33% saying "close to family/friends". "Close to work/lessened commute time" came third, with acceptable commute times averaging 30 minutes.

In considering what kind of home they wanted, 44% of future home buyers and sellers selected the "style of home" as the most important factor. Yet 44% are also willing to compromise on size of home and 43% are willing to compromise on "lot size/size of yard".

"What this tells us is that people in Vancouver Lower Mainland communities want a certain style of home but in reality they are willing to compromise on this for liveability factors such as living close to amenities with lower commute times," says Ian Martin, General Manager, REW.ca.

Survey Highlights

Liveability important

When asked "Apart from affordability, what were the two most important factors you considered or would consider in selecting your neighbourhood location?" past and future home buyers and sellers selected the following:

--  41% - Close to amenities such as shops, grocery stores, medical facilities --  33% - Close to family/friends --  22% - Close to work/lessened commute time --  19% - Close to public transit --  16% - Safety/less crime --  15% - Close to parks and green space --  15% - Close to water (streams, rivers, lakes, ocean)

Most willing to compromise on size

When asked "What characteristics of your home or neighbourhood would you compromise in order to afford your future home?" the survey finds that Vancouver Lower Mainland future home buyers' and sellers' highest-rated compromises are:

--  Size of home (44%) --  Lot size/size of yard (43%)

Only 16% indicated they would not be willing to compromise on anything, indicating that the majority of future home buyers recognize the need to be flexible to find an affordable home.

Preferences for type and location of home

Past and future home buyers and sellers identified the following when asked to select the two most important factors, apart from price, in selecting a home:

--  Style of home (43%) --  Number of bedrooms (39%) --  Size - downsizing (moving to a smaller home) (27%) --  Size - upsizing (moving to a larger home) (24%)

When asked about ideal location, assuming it was affordable, 33% of past and future home buyers and sellers would prefer Vancouver, but findings also show the majority want to stay in their current municipality/area:

--  82% - Vancouver --  81% - North Shore --  68% - Richmond/South Delta/Tsawwassen/White Rock --  60% - Fraser Valley --  56% - Burnaby/ New Westminster --  52% - Tri-Cities/Maple Ridge/Pitt Meadows

More information about the survey

The complete survey charts are available at http://www.rew.ca/articles/what-home-buyers-want-rew-ca-consumer-survey-167 . The survey was sponsored by REW.ca and conducted by Mustel Research Group. There were 349 interviews completed with residents from Hope to Pemberton, 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. The 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. This REW.ca survey is part of a larger poll focused on local home buyer and seller behaviours and beliefs. These survey findings provide additional views of the real estate industry, beyond the analysts and economists.

About REW.ca

REW.ca is Greater Vancouver's home for comprehensive online local real estate search. REW.ca is the first local website to bring together real estate buyers, sellers, agents, brokers and developers in one search portal. REW.ca goes beyond property listings to offer a complete consumer guide to real estate shopping with online agent selection and neighbourhood profile information. REW.ca is the online arm of the Real Estate Weekly newspaper and owned and operated by Glacier Media ( www.rew.ca ).

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