B.C. is going to be a province on the move in the next five years. More than four in 10 B.C. homeowners and seven in 10 renters are planning to buy or rent a different home in the next five years. These and other sentiments are captured in Resonance Consultancy’s new Future of B.C. Housing study, just as British Columbians have identified housing as the top provincial election issue.
Vancouver, B.C. – Concerns about the state of the housing market remain high in British Columbia, with 74% of residents saying housing is unaffordable where they live, and more than 40% of homeowners and 70% of renters planning to buy/rent a different home in the next five years. The insights are captured in a new report titled The Future of B.C. Housing by Resonance Consultancy, a global advisor on real estate, tourism and economic development. Findings in the report are based on an online study conducted by Insights West with a representative sample of adult B.C. residents from October 13 to October 31, 2016.
A Province on the Move
Among the 51% of B.C. residents who are likely to move in the next five years, three-quarters are likely to stay in the same city or region where they currently live. The study found that among those likely to move to a different city or region, one-quarter are most likely to move to Metro Vancouver, while another quarter are likely to move outside B.C. entirely.
“Despite concerns about the affordability of housing in Greater Vancouver, it remains the most popular and desirable place in the province to live,” says Resonance Consultancy President, Chris Fair. “However it’s concerning to see that for those considering moving to a different region, the most popular choice is to leave the province all together.”
The study found that more than eight in 10 B.C. residents feel that the impact of foreign buyers/ investors has lead to higher prices in the housing market where they currently live. This belief is highest among Metro Vancouverites and B.C. Millennials. When asked about sustainable solutions in order to address the current housing affordability issue in the province, at least two-thirds of British Columbians favour taxing (70%) or limiting (67%) foreign investment in the housing market.
Fewer than half of residents support investing more in amenities and infrastructure in suburban areas to create new economic centres (47%), increasing the housing supply by fast-tracking approvals of new rental buildings (45%), and revising zoning in suburban areas to permit development of more multi-family housing (44%). Only 10% would agree to increase property taxes on single-family homes to encourage higher density development.
About Resonance Consultancy:
Resonance Consultancy specializes in research, development strategy, place branding and place marketing that shapes the future of countries, cities, and communities. Based in Vancouver and New York, the 18 employees at Resonance have completed more than 100 research reports, development strategies, business plans and branding projects for real estate developers, tourism organizations and governments in more than 75 countries.
About Insights West:
Insights West is a progressive, Western-based, full-service marketing research company. It exists to serve the market with insights-driven research solutions and interpretive analysis through leading-edge tools, normative databases, and senior-level expertise across a broad range of public and private sector organizations. Insights West is based in Vancouver and Calgary. Insights West is based in Vancouver and Calgary.
About this Release:
Results are based on an online study conducted from October 13 to October 31, 2016, among 1,714 adult British Columbians. The data has been statistically weighted according to Canadian census figures for age, gender and region. The margin of error—which measures sample variability—is +/- 2.4 percentage points.
Get your free report at ResonanceCo.com/FutureOfBCHousing.
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