Survey of Buyers and Sellers

The Real Estate Board of Greater Vancouver has just released a report of a survey it commissioned of 2006 home buyers and home sellers in the Greater Vancouver region. 1,000 people were polled, and there are some interesting results.

Among the highlights:
• Just over half of respondents (54%) both bought and sold a property in 2006. 44% only bought and 2% only sold a property.
• Approximately one-third of buyers are first-time home owners.
• First-time home buyers are more inclined to be young (under 45 years of age), with children, and from Asian countries in comparison to repeat buyers.
• Approximately six-in-ten of buyers and sellers are female.
• The majority (over seven-in-ten) of buyers and sellers are married or living common-law.
• Buyers tend to be younger than sellers with just over half of buyers being less than 45 years of age whereas just over half of sellers are 35 to 54 years of age.
• The average household size of both groups is 2.7.
• Approximately one-in-ten work from home and an equal size group do so at least part of the time.
• A total of 7% of home buyers bought a new home. Among these, approximately six-in-ten purchased the home pre-completion.
• Just over one-quarter of homes were bought or sold in the City of Vancouver.
• The Tri-Cities, Richmond and Burnaby each accounted for approximately 10-16% of transactions.
• Approximately 20% of buyers and sellers, most between 45 to 64 years of age, own more than one home.
• An average of just over 50% of the purchase price was financed, this proportion being relatively consistent across the Greater Vancouver region.
• Proximity to such amenities as shops, grocery stores and medical facilities is the most common factor considered in selecting neighbourhoods, particularly among condo, townhouse or duplex buyers.
• Furthermore, approximately one-third of buyers report to have paid more for their home to be closer or within walking distance to such amenities as public transit, shops and schools.
• In terms of factors considered in the selection of their home, apart from price, the style of home, followed by the size (with the majority desiring a larger home) are the most common considerations. The location and condition of the home are other important considerations.
• A total of 94% of both buyers and sellers used a Realtor.
• MLS listings on the Internet were most commonly used to market homes for sale, followed at some distance by Realtor client lists, open-houses and print ads.
• The Internet, followed by a Realtor are the most useful sources of information about homes for sale. In fact, almost nine-in-ten rate the Internet as ‘very’ or ‘somewhat’ useful.
• Email at 61% is the most commonly preferred method of receiving information by buyers who used a Realtor. Telephone calls and in person are the next most preferred ways.