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Vancouver residents want home prices to fall


by Steve Randall28 Aug 2018

Residents of Canada’s priciest housing market want prices to fall, some by almost a third.

A survey of Vancouver residents – both renters and homeowners – has found that 44% say they have been personally affected by the high cost of real estate, while 83% say it is damaging the region.

And some are willing to see prices fall sharply to open up the market to those who are currently priced out.

While 26% said they would like to see a 10% drop in prices, 36% said it should be closer to 30%; 62% overall want to see a price drop.

The research, carried out by the Angus Reid Institute, shows that 8 in 10 renters and three quarters of homeowners say the region’s home prices are “unreasonably high”.

Six-in-ten (59%) say it is foreign buyer investments driving up costs, and 43% say it is wealthy individuals in general.

Almost 80% of respondents believe the government should be more involved in the housing market to improve affordability and 69% think first-time buyers should be prioritized.

However, two thirds say that whatever the government does, it won’t have much impact on affordability.

This is in line with a similar study in the GTA which also found that most in the region believe there is little that can be done to improve the current high prices.

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.