B.C. Homebuyers Yearn for Grounded Living

A new housing survey conducted by Angus Reid for Rennie Intelligence indicates that over half of B.C. homebuyers prefer ground-oriented homes, such as townhomes, rather than high-rise condos. This trend is particularly pronounced among couples with children and pets, who desire a front door that opens onto a small yard.

The survey, which included responses from 1,400 residents across Metro Vancouver, Greater Victoria, and the Central Okanagan, highlights a significant shift in the market. Historically, high-rise condos were favored by investors, but now 87% of recent and prospective buyers are end-users looking for homes to live in.

Insight

Luxmore thinks

Developers may need to pivot their strategies to focus on building more townhomes and ground-level units. This could involve re-evaluating their projects to include more family-friendly options that cater to the desires of current buyers, especially as the market softens.

The report also notes that the desire for outdoor space is growing, with many buyers prioritizing homes that offer private yards or patios. This reflects a broader trend towards valuing personal outdoor space, especially among families.

Insight

Luxmore thinks

The decline in high-rise condo sales may lead to a surplus of unsold units, which could put downward pressure on prices in that segment. Conversely, if developers respond to the demand for ground-oriented homes, it could stabilize the market by providing more options for buyers.