Who’s Buying Real Estate in BC?
RE/MAX interviewed over 1,100 Canadians who intend to buy a home in the coming 24 month for its Canadian Homebuying Trends Report. It covers all of Canada, but also breaks home buying trends down by province. So here’s a look at who’s buying a home in BC, what they’re looking for and how much they want to spend.
One standout impression comes from the stats on who’s buying. It looks like multi-time buyers are in the driver’s seat, i.e., investors or people who are onto their third or fourth home. Canadian Real Estate Wealth magazine quotes Elton Ash, Regional Executive VP of RE/MAX Western Canada: “”Between 2009 and 2011, first-time buyers were the engine driving housing activity, taking advantage of favourable conditions and a recovering economy. That changed in 2012, and even earlier in B.C., as prices reached a breaking point.”
Click on the infographic to see a full-sized version.