Download - Buyers & Sellers Survey
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Real Estate Board of Greater Vancouver Fraser Valley Real Estate BoardBuyers & Sellers Survey
January 2009
REBGV & FVREB - Buyers and Sellers Survey
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Executive Overview
The Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board commissioned Mustel Group to conduct a survey of 2008 residential home buyers and home sellers. We thank the Real Estate Foundation of BC for providing funding. A similar survey was conducted in 2006 by the REBGV. Highlights from the survey of 1,100 buyers and sellers (705 from Greater Vancouver and 395 from Fraser Valley) include:
Characteristics of Home Purchased/ Sold
Just over half of respondents (52% in Greater Vancouver and 56% in Fraser Valley) both bought and sold a home or property in 2008. Approximately four-in-ten only bought and 10% or less only sold.A total of 22% in Greater Vancouver were first-time home owners (down from 31% in 2006). A slightly higher proportion of Fraser Valley home buyers (in comparison to Greater Vancouver) were first-time purchasers (26%) which may indicate a shift from Greater Vancouver to the Fraser Valley of these buyers.Approximately 10% of home buyers in both regions bought a new home. Among those who bought a new home, 53% in Greater Vancouver and 65% in the Fraser Valley purchased the home pre-completion.Most homes bought and sold in both regions were a principal residence rather than vacation home, investment property or second home.The majority paid about what they expected with 31% in Greater Vancouver and 23% in Fraser Valley paying more. Furthermore, the majority sold for about what they expected with 29% in Greater Vancouver and 23% in Fraser Valley selling for less than anticipated. But note that one-in-five sold for more.In the Greater Vancouver area, 74% own one home or property, 18% own more than one, and 7% do not own any (sold in 2008 but are now renting). Note that in 2006 this group was too small to measure. In the Fraser Valley area, 82% own one property, 15% own more than one and 3% have sold but not purchased.
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Executive Overview (cont’d)
Decision Criteria
Those who both bought and sold real estate in 2008 were primarily driven by the need for more or less space. A change in location and desire for a different style of home were secondary reasons.A desire for home ownership and investment potential are the additional motivators among those who onlybought (and did not sell) in 2008.Concern about falling market values was a key reason for selling among those who only sold but did not buy.Proximity to such amenities as shops, grocery stores and medical facilities is the most common factor considered in selecting neighbourhoods, particularly among condominium, townhome or duplex buyers. Secondary considerations include proximity to transit, work, schools, and parks or green space. Furthermore, approximately one-third of Greater Vancouver buyers and one-in-five Fraser Valley buyers report to have paid more for their homes to be closer or within walking distance to amenities such as public transit, shops and schools. Apart from price, other factors considered in the selection of their home include, the style of home, followed by the size (with the majority desiring a larger home). The number of bedrooms and the condition of the home are other important considerations. “Green” features are considered by one-in-ten.The size of home is the most common characteristic buyers will compromise to afford their home. A number of other features are also mentioned but note that 44% in Greater Vancouver and 52% in the Fraser Valley did not make any compromises.
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Executive Overview (cont’d)
The Home Search Process
More than nine-in-ten used a REALTOR® to buy or sell their homes, with no significant change in Greater Vancouver since 2006.Among those who both bought and sold a home, 83% in Greater Vancouver (up from 73% in 2006) used the same REALTOR®. The proportion using the same representative was lower in the Fraser Valley (68%).The primary reason for using a different REALTOR® is knowledge of the area. Dissatisfaction with the initial REALTOR® and a number of other reasons are also given.Referral by a friend or family member is the predominant way buyers and sellers first learned about their REALTOR®.Regardless of whether the REALTOR® was used to buy or sell their home, the key quality in their selection of a REALTOR® is the honesty or integrity of the representative. Other considerations include knowledge of the local area and market conditions.The majority of those who used a REALTOR® were at least ‘somewhat’ satisfied overall with their representative, with those who used the same representative for both buying and selling expressing the highest level of satisfaction.As found in 2006 in Greater Vancouver, dissatisfaction is highest among those who used a different representative to sell their home, with 22% being dissatisfied in contrast to 5-6% of those using a different representative for buying their home or same representative for both. This pattern is not as evident in the Fraser Valley.Those satisfied with their experience commonly use descriptions such as ‘professional’, ‘hard working’, ‘listened to me’, and ‘supportive’ when probed for reasons for their satisfaction rating.Lack of professionalism, a concern about honesty and lack of responsiveness (“did not listen to me”) are the key reasons for dissatisfaction.
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Executive Overview (cont’d)
The Home Search Process (cont’d)
Almost nine-in-ten sellers believed they received at least ‘somewhat’ good value relative to the fees they paid, with half reporting ‘very’ good value. These findings represent an improvement over 2006 ratings in Greater Vancouver.The most valuable services provided by their REALTOR® include locating the most suitable neighbourhood, and placing or negotiating offers. Approximately one-in-ten believe their REALTOR® did not explain their roles and responsibilities to them with this level slightly higher among Greater Vancouver buyers who used a different representative to buy their home.Just over half claim to be aware of the consumer protection available through using a professional REALTOR®. First-time buyers are less inclined to be aware (44% aware).A REALTOR® and MLS®® listings on the Internet are the most common ways home buyers first learned about the home they bought.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 newspaper ads.The Internet, followed by a REALTOR® are the most useful sources of information about homes for sale. Email 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 (except among seniors who tend to prefer these methods over e-mail).
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Executive Overview (cont’d)
Financing
Equity from the sale of a previous home, followed by personal savings are the most frequently reported sources of downpayment.An average of just over 50% of the purchase price was financed, this proportion being relatively consistent with 2006 findings in the Greater Vancouver region.Approximately 15% financed their property transfer tax, most commonly through borrowing or taking a loan from their financial institution.
Future Plans
Approximately one-quarter (down from one-third in Greater Vancouver in 2006) intend to buy or sell a home or property in the next five years or so.The majority expect that prices will decrease in 2009. Approximately one-quarter believe they will stay the same and less than 10% predict an increase.
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Executive Overview (cont’d)
Demographic Profile of Buyers and Sellers
Key characteristics of buyers and sellers include:
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 45 years of age or older.The majority (over seven-in-ten) buyers and sellers are married or living common-law.The average household size is 2.7. In the Fraser Valley buyer households tend to be slightly larger (3.0).Close to 70% of buyers and 65% of sellers in Greater Vancouver have obtained a university degree or college diploma in contrast to about 50% of Fraser Valley buyers/sellers.A slightly higher proportion of buyers than sellers are employed. Also note that the employment rate is higher in Greater Vancouver than in the Fraser Valley area, with no significant change since 2006.Only one-third of Greater Vancouver home buyers were born in B.C. The proportion is slightly higher in the Fraser Valley (about 40%).A language other than English is spoken in the homes of 15% of buyers in both regions and 10% of sellers in Greater Vancouver and 7% of sellers in the Fraser Valley. Punjabi is the most common alternate language in the Fraser Valley.Approximately 8% of households have extended family living with them.Greater Vancouver buyers and sellers report a range of household incomes, whereas Fraser Valley consumers are skewed towards those earning $90,000 or less per year.
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Research Objectives and Methodology
The Real Estate Board of Greater Vancouver and Fraser Valley Real Estate Board commissioned Mustel Group to conduct a survey of 2008 residential home buyers and home sellers with the primary objectives to:
Profile home sellers and buyers with respect to demographic and housing characteristics;Assess the experience of buyers and sellers in the housing market; Determine factors that effect purchase decisions; andDetermine financing sources and habits.
A total of 1,100 interviews were conducted by telephone with a random selection of residents who had either bought or sold a home or residential property in 2008. A total of 705 interviews were conducted in the Greater Vancouver region and 395 were completed in the Fraser Valley region (reflecting the actual distribution of sales).
The sample frame of potential buyers/sellers was obtained through the telephone directory. Several steps were taken to insure the final sample would be representative of all buyers and sellers including:
Random selection of households contacted from the sample frame;Random selection of individual interviewed if more than one adult in household was involved in the buying and/or selling process;Up to 6 attempts to obtain an interview with the selected household/individual to minimize potential bias due to non-response.
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Research Objectives and Methodology (cont’d)
The margin of error on the total sample and board region samples at the 95% level of confidence are as follows;
Total Sample: +/-2.9 %Greater Vancouver: +/-3.7%Fraser Valley: +/-4.9%
The margin of error is larger in the sub-samples within each region.
Interviewing was completed January 5-23, 2009 weekday evenings and during the day on Saturday from Mustel Group’s CATI (computer assisted telephone interviewing) centre located in Vancouver.
A pretest of the survey was conducted prior to interviewing. The questionnaire administered is appended to the report.
Note that comparisons are made throughout the report where possible to the 2006 survey conducted on behalf of the Real Estate Board of Greater Vancouver.
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Key Findings
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Characteristics of Home Purchased/Sold
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Bought or Sold Home/Property
• Just over half of respondents in both the Greater Vancouver and Fraser Valley Real Estate Board regions both bought and sold a home or property in 2008.
• Approximately four-in-ten onlybought and 10% or less onlysold a home or property.
• In comparison to 2006 in the Greater Vancouver area, the proportion who have only bought has decreased (to 38% from 44%) with an increase in the proportion who only sold (to 10% from 2%).
Base: 2006 Vancouver (n=1,000)2008 Vancouver (n=705)2008 Fraser Valley (n=395)
Q.I Did you buy or sell a home or residential property in 2006?
2006Greater Vancouver
Only sold2%
Only bought44%
Both bought and sold
54%
2008Greater Vancouver
Only sold10%
Only bought38%
Both bought and sold
52%
2008Fraser Valley
Only sold5%
Only bought39%
Both bought and sold
56%
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First-Time Home Buyer
• The proportion of first-time home buyers has declined in Great Vancouver to 22% in 2008 from 31% in 2006.
• A slightly higher proportion of Fraser Valley home buyers are first-time purchasers (26%) which may indicate a shift from Greater Vancouver to the Fraser Valley of these buyers.
2006Greater Vancouver
Yes31%
No69%
Base: Total bought 2006 Vancouver (n=978)2008 Vancouver (n=631)2008 Fraser Valley (n=376)
Q.1) Are you a first-time home buyer?
2008Greater Vancouver
Yes22%
No78%
2008Fraser Valley
Yes26%
No74%
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Characteristics of First-Time and Repeat Buyers
• First-time home buyers are more inclined to be young (under 45 years of age) and with children, in comparison to repeat buyers.
• These characteristics of first-time buyers in Greater Vancouver have not changed significantly since 2006.
2006Greater Vancouver
2008Greater Vancouver
2008Fraser Valley
First-timeBuyers(302)
%
RepeatBuyers(676)
%
First-timeBuyers(140)
%
RepeatBuyers(491)
%
First-timeBuyers
(99)%
RepeatBuyers(277)
%GenderMale 41 39 39 43 52 47Female 59 61 61 57 48 53Age18-34 years 48 14 49 14 47 1235-44 36 29 34 32 27 2945-54 12 24 12 22 18 1955-64 3 16 1 17 5 2065 + years <1 16 3 14 2 19Household SizeOne 16 21 12 20 10 16Two 30 35 32 29 25 40Three 29 18 29 19 22 10Four or more 25 26 26 31 42 34
Average 2.8 2.6 2.8 2.8 3.3 2.9Children Under 18 yearsYes 47 38 49 43 54 42
Under 10 years 39 31 42 33 41 3410-17 14 17 15 17 21 18
No 53 62 51 57 46 58
continued…
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Characteristics of First-Time and Repeat Buyers (cont’d)
• First-time home buyers also are more likely than repeat buyers to be new to the region and from low income households with no significant differences from two years ago in Greater Vancouver.
• Buyers in Greater Vancouver were less inclined in 2008 to have come from China but more likely to have come from other parts of the world, with the most notable influx from Central and South America .
2006Greater Vancouver
2008Greater Vancouver
2008Fraser Valley
First-timeBuyers(302)
%
RepeatBuyers(676)
%
First-timeBuyers(140)
%
RepeatBuyers(491)
%
First-timeBuyers
(99)%
RepeatBuyers(277)
%BirthplaceVancouver 14 18 14 23 14 23Other BC 14 13 11 13 21 18Other Canada 21 31 21 32 22 27Europe 12 16 9 12 7 16United States 2 4 3 4 1 1China 12 7 7 3 - 1Middle East 8 1 8 2 2 -Philippines 6 3 9 1 5 1India/ Pakistan 2 1 4 1 10 5Other Asia 3 2 5 - 5 1Caribbean/Mexico/Central/South America 1 1 5 2 4 3
Other 4 2 3 3 5 4Refused 1 2 1 3 3 1# of years lived in RegionBorn in region 14 18 14 23 14 23Less than 10 years 57 25 58 27 38 2310-29 years 23 32 22 24 30 2730 years or more 5 23 5 23 13 26Household IncomeLess than $60,000 26 18 24 15 31 21$60,000 - $89,999 28 23 32 20 31 28$90,000 - $119,999 22 20 16 15 19 15$120, 000 or more 12 22 14 26 6 14Refused 12 17 14 24 12 22
Q.1) Are you a first-time home buyer?
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Characteristics of First-Time and Repeat Buyers (cont’d)
• First-time home buyers also are more likely than repeat buyers to have purchased a home in Vancouver or Burnaby/New Westminster, and in Surrey and to have paid less than $500,000.
• Reflecting the increase in prices from 2006, the purchase prices among both first-time and repeat buyers is higher in 2008 in Greater Vancouver. For example, 37% of first-time buyers in 2006 paid less than $300,000. This level decreased to 19% in 2008 with a corresponding increase in $300,000 to $499,999 buyers (37% to 53%).
2006Greater Vancouver
2008Greater Vancouver
2008Fraser Valley
First-timeBuyers(302)
%
RepeatBuyers(676)
%
First-timeBuyers(140)
%
RepeatBuyers(491)
%
First-timeBuyers
(99)%
RepeatBuyers(277)
%Location of Home PurchasedVancouver 32 26 29 29Tri-Cities 15 16 18 18 - -Richmond 12 14 9 9 - -Burnaby/ New Westminster 25 15 27 15 - -North Shore 9 14 6 13 - -Maple Ridge/ Pitt Meadows 4 9 8 8 - -Other REBGV 2 4 4 7 - -Fraser Valley Real Estate Board Area - - - -
Surrey - - - - 48 35Abbotsford - - - - 20 26Langley - - - - 14 22Mission - - - - 12 7North Delta - - - - 3 3White Rock - - - - 1 5Purchase PriceLess than $300,000 37 17 19 8 32 19$300,000 - $499,999 37 35 53 27 53 42$500,000 - $699,999 13 25 16 29 6 23$700,000 - $999,999 2 11 5 18 3 8$1 Million or more 4 7 3 11 - 3Refused 5 6 5 7 6 5
Q.1) Are you a first-time home buyer?
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Purchased a New Home or a Resale
• Approximately one-in-ten bought a new home.
• A higher proportion of Greater Vancouver buyers of condos and townhouses or duplexes have purchase new in contrast to single home buyers (12% compared to 7%).
• The opposite is found in the Fraser Valley (5% of multi-family home buyers have bought new in contrast to 12% of single home buyers).
2006Greater Vancouver
New home7%
Resale93%
Base: Total bought 2006 Vancouver (n=978)2008 Vancouver (n=631)2008 Fraser Valley (n=376)
Q.2) Did you buy a new home or a resale?
2008Greater Vancouver
New home10%
Resale90%
2008Fraser Valley
New home9%
Resale91%
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Purchased New Home as a Pre-Sale or Pre-Completion
• Among those who bought a new home, 53% in Greater Vancouver and 65% in the Fraser Valley purchased the home pre-completion.
• Note the results in Greater Vancouver are not statistically different from 2006 due to the limited base size of new home buyers.
Base: Total bought new 2006 Vancouver (n=70)2008 Vancouver (n=62)2008 Fraser Valley (n=34)
Q.3) Did you purchase the home as a pre-sale or pre-completion?
2006Greater Vancouver
Refused1%
Yes60%
No39%
2008Greater Vancouver
Refused5%
Yes53%
No42%
2008Fraser Valley
Yes65%
No35%
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• In 2006 in the Greater Vancouver region, equal proportions of home buyers purchased a condominium apartment and a detached single-family home. The 2008 survey found a slight increase in purchase of detached single family homes (to 44% from 38%). The majority (57%) purchased a multi-family dwelling.
• In the Fraser Valley region, the opposite it true with 56% purchasing a single family dwelling.
• Most (99%) reported that the home purchased is a principal residence rather than vacation home, investment property or second home.
Type of Home Bought
Base: Total bought 2006 Vancouver (n=978)2008 Vancouver (n=631)2008 Fraser Valley (n=376)
Q.4) What type of home did you buy in 2006?
39%
38%
20%
3%
1%
<1%
<1%
Condominium apartment
Detached single-family
Townhouse
Duplex
Mobile/ manufactured home
In-fill (garden cottage or coachhouse)
Hotel strata unit (fractionalshare)
37%
44%
16%
4%
0%
0%
0%
19%
56%
21%
2%
1%
0%
0%
2006Greater Vancouver
2008Greater Vancouver
2008Fraser Valley
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• Detached single family home buyers in Greater Vancouver are more inclined than buyers of other housing types to be:
• Repeat buyers• Spend $500,000 or more• 35-54 years of age• Married or living common-law• Have children• Have a household income of
$90,000 or more
• Condo buyers are more inclined than other buyers to be:
• First-time buyers• Spend less than $500,000• A range of ages but with a higher
proportion of older buyers• Single, divorced or separated• Without children• Household income less than $90,000
• Townhouse buyers like condo buyers are more inclined to be first-time buyers, but are more similar to single family buyers than condo buyers in all respects except that they are younger and less affluent.
Characteristics of Greater Vancouver Buyers by Housing Type
Greater Vancouver Buyers
Detachedsingle family
(275)%
Condominiumapartment
(231)%
Townhouse(102)
%BoughtFirst-time buyer 13 29 31Repeat buyer 87 71 69Purchase priceLess than $300,000 1 24 6$300,000 to $499,999 14 47 58$500,000 to $699,999 35 13 27$700,000 to $999,999 26 7 4$1 million and over 18 2 1Age18-34 years 18 23 3235-44 44 20 3145-54 24 18 1455-64 9 15 2065 + years 5 23 3Marital statusMarried/ common law 88 48 79Single/divorced/separated 11 50 19Household sizeOne 2 41 14Two 20 39 32Three 26 11 28Four or more 52 8 26Children under 18 yearsYes 68 17 48No 32 81 52Household incomeLess than $60,000 9 29 15$60,000 to less than $90,000 19 28 22$90,000 to less than $120,000 16 9 23$120,000 or more 34 12 22Refused 22 22 20
Q.4) What type of home did you buy in 2006?
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• Detached single family home buyers in Fraser Valley are more inclined than buyers of other housing types to be:
• Repeat buyers• Spend $300,000 or more• 35-44 years of age• Married or living common-law• Have children• Have a household income of
$90,000 or more
• Condo buyers are more inclined than other buyers to be:
• First-time buyers• Spend less than $300,000• A range of ages but older than buyers of single family homes• Single, divorced or separated• Without children• Household income less than $90,000
• Townhouse buyers in the Fraser Valley are more similar to single family buyers than condo buyers except they are less affluent and less inclined to have children.
Characteristics of Fraser Valley Buyers by Housing Type
Fraser Valley BuyersDetached
single family(209)
%
Condominiumapartment
(71)%
Townhouse(79)%
BoughtFirst-time buyer 23 38 24Repeat buyer 77 62 76Purchase priceLess than $300,000 5 73 22$300,000 to $499,999 46 16 70$500,000 to $699,999 30 4 4$700,000 to $999,999 9 - 1$1 million and over 3 - -Age18-34 years 24 20 1835-44 37 16 2045-54 18 18 2055-64 12 23 2065 + years 8 24 22Marital statusMarried/ common law 87 49 71Single/divorced/separated 12 51 29Household sizeOne 3 38 19Two 30 45 47Three 15 14 9Four or more 52 3 25Children under 18 yearsYes 58 18 34No 42 82 66Household incomeLess than $60,000 15 47 27$60,000 to less than $90,000 29 25 30$90,000 to less than $120,000 21 6 10$120,000 or more 16 4 11Refused 20 18 22
Q.4) What type of home did you buy in 2006?
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• As noted in 2006, there is a shift from single family to multi-family dwellings in Great Vancouver, with a slightly higher proportion that have sold rather than bought a single family home (49% sold compared to 44% purchasing).
• This pattern is not as evident in the Fraser Valley region (58% sold compared to 56% purchasing single family dwellings).
Type of Home Sold
Base: Total sold 2006 Vancouver (n=556)2008 Vancouver (n=440)2008 Fraser Valley (n=241)
Q.4) What type of home did you sell in 2006?
45%
33%
17%
3%
0%
2%
<1%
<1%
Detached single-family
Condominium apartment
Townhouse
Duplex
Infill (garden cottage or coach house)
Mobile/ manufactured home
Hotel strata unit (full ownership)
Refused
49%
31%
18%
3%
0%
0%
0%
0%
58%
17%
21%
2%
1%
0%
0%
0%
2006Greater Vancouver
2008Greater Vancouver
2008Fraser Valley
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• Over half (57%) of those in Greater Vancouver who sold a detached single family home bought the same type of home, with 26% purchasing a condo and 12% a townhouse.
• Under half (48%) of condo sellers bought another condo, with 28% purchasing a detached home and 20% a townhouse.
• Townhouse sellers are more inclined to buy a detached home (51%) than another townhouse (22%) or condo (25%).
• Demographic characteristics of each group of sellers are similar to the buyers with the exception that sellers are less inclined to have children under 18 years of age. Detached single family sellers also tend to be older than those buying this type of home.
Characteristics Greater Vancouver Sellers by Housing Type
Greater Vancouver Sellers
Detachedsingle family
(180)%
Condominiumapartment
(107)%
Townhouse(72)%
Type of Home BoughtDetached single family 57 28 51Condominium apartment 26 48 25Townhouse 12 20 15Purchase priceLess than $300,000 6 9 4$300,000 to $499,999 18 25 23$500,000 to $699,999 21 28 32$700,000 to $999,999 18 8 23$1 million and over 13 4 4Age18-34 years 8 20 2135-44 29 31 3645-54 22 18 1455-64 18 12 1965 + years 21 18 10Marital statusMarried/ common law 70 57 85Single/divorced/separated 29 41 15Household sizeOne 21 31 12Two 23 31 40Three 15 22 21Four or more 39 15 28Children under 18 yearsYes 44 33 47No 53 66 53Household incomeLess than $60,000 19 20 10$60,000 to less than $90,000 16 22 32$90,000 to less than $120,000 15 16 15$120,000 or more 23 22 22Refused 27 20 21
Q.4) What type of home did you sell in 2008?
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• The majority (69%) of those in the Fraser Valley who sold a detached single family home bought the same type of home, with 6% purchasing a condo and 21% a townhouse.
• Condo and townhouse sellers tend to have bought a single family home although sizeable groups bought a condo or townhouse as well.
• As in Greater Vancouver, the demographic characteristics of each group of sellers are similar to the buyers with the exception that sellers are less inclined to have children under 18 years of age. Detached single family sellers also tend to be older than those buying this type of home.
Characteristics of Fraser Valley Sellers by Housing Type
Fraser Valley SellersDetached
single family(127)
%
Condominiumapartment*
(39)%
Townhouse(46)%*
Type of Home BoughtDetached single family 69 39 46Condominium apartment 6 28 22Townhouse 21 33 26Purchase priceLess than $300,000 7 23 24$300,000 to $499,999 39 55 37$500,000 to $699,999 24 15 20$700,000 to $999,999 10 3 2$1 million and over 4 - -Age18-34 years 9 25 2035-44 26 20 2645-54 19 25 1055-64 20 18 2065 + years 26 13 26Marital statusMarried/ common law 77 60 74Single/divorced/separated 21 40 16Household sizeOne 14 35 12Two 44 30 53Three 9 10 6Four or more 34 25 29Children under 18 yearsYes 39 35 39No 61 65 61Household incomeLess than $60,000 19 33 26$60,000 to less than $90,000 24 33 22$90,000 to less than $120,000 14 15 14$120,000 or more 14 13 20Refused 30 8 20
Q.4) What type of home did you sell in 2008? * Interpret with caution due to small base size
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Location of Home/ Property Purchased or Sold – Greater Vancouver Real Estate Board Area Residents
• Among those currently residing in the Greater Vancouver Real Estate Board area, approximately three-in-ten bought or sold homes or property in the City of Vancouver, similar to 2006.
• The Tri-Cities, Richmond and Burnaby accounted for 10-18% of transactions.
• Note that 10% of Great Vancouver residents sold property outside the board area (4% sold in the Fraser Valley board area and 6% in other parts of BC or Canada).
Greater Vancouver
2006 2008
TotalBought(978)
%
TotalSold
(556)%
TotalBought(631)
%
TotalSold
(440)%
Greater Vancouver Real Estate Board Area 99 85 99 90
City of Vancouver 28 26 29 32Tri-Cities 16 14 18 12Richmond 14 13 9 10Burnaby 13 10 12 10North Vancouver 9 8 9 9Maple Ridge 6 4 6 5New Westminster 5 3 6 4West Vancouver 3 3 3 2Pitt Meadows 2 1 1 1Squamish 2 1 2 1Sunshine Coast 1 1 2 2Bowen Island 1 <1 <1 -
South Delta, Ladner & Tsawwassen 1 <1 3 1
Gulf Islands <1 - - -Whistler <1 <1 - <1
Fraser Valley Real Estate Board Area <1 6 1 4
Other BC 1 5 - 3Other Canada - 3 - 3Q.6) Where is the [home/ property] you bought?Q.6) Where is the [home/ property] you sold?
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Location of Home/ Property Purchased or Sold- Fraser Valley Real Estate Board Area Residents
• In the Fraser Valley Real Estate Board area, approximately 40% of purchases were made in Surrey.
• A total of 29% of current residents sold property outside the board region (12% in the Great Vancouver area and the remaining in other parts of BC or Canada).
Fraser Valley
2008Total
Bought(376)
%
TotalSold
(241)%
Greater Vancouver Real Estate Board Area 1 12
Fraser Valley Real Estate Board Area 99 72
Surrey 39 29Abbotsford 25 19Langley 20 13Mission 8 5North Delta 3 3White Rock 4 2Other BC 0 10Other Canada 0 5Q.6) Where is the [home/ property] you bought?Q.6) Where is the [home/ property] you sold?
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7%
74%
12%
6%
1%
0
1
2
3 or more
Refused
Number of Homes Owned
• In the Greater Vancouver area, 74% own one home or property, 18% own more than one, and 7% do not own any (sold in 2008 but are now renting). Note that in 2006 this group was negligible.
• In the Fraser Valley area, 82% own one property, 15% own more than one and 3% have sold but not purchased.
Base: 2008 Total Vancouver (n=705)Fraser Valley (n=395)
Q.7) How many homes including vacation and investment property do you own?
3%
82%
12%
3%
1%
Greater Vancouver Fraser Valley
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Purchase Price of Homes Bought
• Reflecting price increases over the past two years, only 36% paid $500,000 or more for their home in the Greater Vancouver area in 2006; this level increased to 50% in 2008.
• The most common price range in the Fraser Valley area is $300,000 to $499,999 with 45% purchasing in this range.
Greater Vancouver Fraser Valley
2006Total
Bought(978)
%
2008Total
Bought(631)
%
2008Total
Bought(376)
%
Less than $300,000 23 10 22
$300,000 to $499,999 36 33 45
$500,000 to $699,999 22 26 19
$700,000 to $999,999 8 15 7
$1,000,000 or more 6 9 2
Refused 6 7 6
Q.8) How much did you pay for your home?
REBGV & FVREB - Buyers and Sellers Survey
29
Amount Home Was Sold For
• Similarly, 34% sold their home for $500,000 or more in 2006, with this level increasing to 51% in 2008.
Greater Vancouver Fraser Valley
2006TotalSold
(556)%
2008Total
Bought(440)
%
2008Total
Bought(241)
%
Less than $300,000 26 13 23
$300,000 to $499,999 33 30 39
$500,000 to $699,999 20 26 21
$700,000 to $999,999 8 15 7
$1,000,000 or more 6 10 4
Refused 7 8 7
Q.8) How much did you sell your home for?
REBGV & FVREB - Buyers and Sellers Survey
30
Purchase Price Relative to Expectations
• The majority paid about what they expected with 31% in Greater Vancouver and 23% in Fraser Valley paying more. 31%
54%
13%
2%
Base: 2008 Total BoughtVancouver (n=631)Fraser Valley (n=367)
Q.8b) Did you pay less, more or about what you expected to pay?
More
About what you expected
Less
Don't know
23%
58%
16%
3%
2008Greater Vancouver
2008Fraser Valley
REBGV & FVREB - Buyers and Sellers Survey
31
Selling Price Relative to Expectations
• The majority also sold for about what they expected with 29% in Greater Vancouver and 23% in Fraser Valley selling for less than anticipated. But note that one-in-five sold for more.
18%
51%
29%
2%
Base: 2008 Total SoldVancouver (n=440)Fraser Valley (n=241)
Q.8b) Did you sell your home for more , less or about what you expected to pay?
More
About what you expected
Less
Don't know
20%
57%
23%
<1%
2008Greater Vancouver
2008Fraser Valley
32
Decision Criteria
REBGV & FVREB - Buyers and Sellers Survey
33
Main Reasons For Buying/Selling Home
• Those who both bought and sold in 2008 were primarily driven by changing needs in terms of size. A change in location and desire for a different style of home were secondary reasons.
Q.9) What were your main reasons for selling and buying a home?
41%
23%
11%
10%
10%
4%
4%
3%
1%
1%
3%
<1%
<1%
2008Greater Vancouver
2008Fraser Valley
Base: Total Bought and Sold2008 Vancouver (n=366)2008 Fraser Valley (n=222)
Upsizing
Downsizing
Wanted a change of location/area/closer to amenities, school, public transit etc.
Wanted different style of home
Work location changed/be closer to work
Change of lifestyle/divorce
Be closer to family/friends
Investment potential/change in market value
Didn't like it/time to move
Wanted to keep my equity/concerned about falling market value
Wanted a yard/garden
Miscellaneous
Refused
36%
22%
11%
6%
14%
5%
7%
2%
1%
1%
1%
3%
--
REBGV & FVREB - Buyers and Sellers Survey
34
Main Reasons For Buying Home (if Only Bought)
• A desire for home ownership, investment potential, upsizing, and a desire to reside in a different area (e.g., closer to amenities, closer to work) are the key motivators among those who only bought in 2008 (and did not sell property).
35%
17%
21%
12%
7%
5%
4%
3%
2%
4%
7%
<1%
<1%
Base: 2008 Total bought Vancouver (n=265)Fraser Valley (n=154)
Q.9) What were your main reasons for buying your home?
2008Greater Vancouver
2008Fraser Valley
Wanted to own
Upsizing
Investment potential/ change in market value
Wanted a change of location/ area/ closer to amenities, schools, public transit etc.
Work location changed/ be closer to work
Downsizing
Change of lifestyle/divorce
Wanted different style of home
Be closer to family/friends
Wanted a yard/garden
Didn't like it/time to move
Miscellaneous
Refused
36%
25%
16%
8%
7%
4%
4%
3%
1%
2%
5%
7%
--
REBGV & FVREB - Buyers and Sellers Survey
35
Main Reasons For Selling Home (if Only Sold)
• In the Greater Vancouver area, concern about falling market values, followed by downsizing, upsizing, desire for change in location (e.g., to be close to work and/or other amenities) and change in lifestyle (e.g., divorce) are the main reasons for selling.
• In the Fraser Valley area, downsizing is the key reason. Concern about market values and change in location are secondary reasons.
32%
20%
16%
14%
12%
3%
3%
3%
5%
--
2008Greater Vancouver
2008Fraser Valley
Base: Total sold 2008 Vancouver (n=74)2008 Fraser Valley (n=19)
Q.9) What were your main reasons for selling your home?
Wanted to keep my equity/ concerned about falling market value
Downsizing
Upsizing
Wanted a change of location/ area/ closer to amenities, schools, public transit etc.
Change of lifestyle/ divorce
Work location changed/ be closer to work
Didn’t like it/ time to move
Be closer to family/ friends
Other
Refused
21%
42%
5%
16%
5%
5%
11%
--
--
--
REBGV & FVREB - Buyers and Sellers Survey
36
Important Factors in Selecting Neighbourhood Location
• Proximity to such amenities as shops, grocery stores and medical facilities is the most common factor considered in selecting neighbourhoods, particularly among condo and townhouse or duplex buyers.
• Secondary considerations include proximity to transit, work, schools, and parks or green space.
• The quietness of the neighbourhood, safety issues and proximity to friends or family are tertiary considerations.
Those who bought2006
Greater Vancouver(978)
%
2008Greater Vancouver
(631)%
2008Fraser Valley
(376)%
Close to amenities i.e. shops, grocery stores 36 38 34Close to public transit 22 22 9Close to work/lessened commute time 22 22 19Close to schools 19 24 18
Close to parks and green space, including trails 18 13 11
Nice area/familiar with area 14 13 17
Quiet neighbourhood 13 6 8
Location (various) 13 7 7
Safety/less crime 13 14 18
Close to family/friends 12 15 18
Price/affordability 9 2 5
Close to water (rivers, lakes, ocean) 6 5 3
Condition/quality of property 6 1 1
Close to recreation facilities 5 7 4
Square footage/living area 3 <1 1
View (various) 3 1 1
Quality of schools 3 4 5
Lot size/yard 3 1 1
Investments potential 3 1 1
Lessened or no need to use vehicle 2 2 -
Close to farmland - <1 2
Miscellaneous 1 1 1
Refused 2 4 9
Q.10) What were the tree most important factors you considered in selecting your neighbourhood location?
REBGV & FVREB - Buyers and Sellers Survey
37
Paid More for Home to be Closer to Amenities
• Consistent with other findings, approximately one-third of buyers in Greater Vancouver report to have paid more for their home to be closer or within walking distance to such amenities as public transit, shops and schools, with the findings similar to those found in 2006. Condo and townhouse buyers were most likely to have paid more (43% having done so).
• The proportion tends to be lower in the Fraser Valley area; only one-in-five have paid more for this benefit increasing to 25% of multi-family unit buyers.
Base: Total bought 2006 Vancouver (n=978)2008 Vancouver (n=631)2008 Fraser Valley (n=376)
Q.11) Did you pay more for your home to be closer or within walking distance to such amenities as public transit, shops, and schools?
2006Greater Vancouver
Refused5%
Yes34%
No60%
2008Greater Vancouver
Refused5%
Yes36%
No58%
2008Fraser Valley
Refused3%
Yes21%
No76%
REBGV & FVREB - Buyers and Sellers Survey
38
Most Important Factors in Selecting Home (Other Than Price)
• 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 number of bedrooms and condition of home (new, newly renovated, well maintained) are other important considerations.
• ‘Green’ features are also considered by one-in-ten.
Those who bought
2008Greater Vancouver
(631)%
2008Fraser Valley
(376)%
Style of home 53 53
Size 38 35- upsizing (moving to a larger home) 30 26
- downsizing (moving to a smaller home) 7 9Number of bedrooms 19 15New property/newly renovated/low maintenance/well maintained/move in ready
13 13
Environmental/smart growth/green 9 10Lot size/yard 8 11Specific features included (in-suite W/D, fireplace etc) 8 9Good location/close to work/schools/family/friends 7 4Investment potential/value for money 6 6Quality of construction 5 4Nice area/familiar with area/good neighbourhood 4 6View (various) 4 1Close to amenities i.e. shops, grocery stores 3 2Secondary suite in home 2 3Interior receives lots of natural light/has lots of windows 1 1Safety/less crime 1 1Quality fixtures/finishings <1 -Miscellaneous 2 1No other factors/price only factor 4 5Refused 3 3
Q.12) Apart from the price, what were the three most important factors you considered in selecting your home? Anything else?
REBGV & FVREB - Buyers and Sellers Survey
39
Characteristics Compromised to Afford Home
• The size along with a number of other features such as the condition of the home, lot size, and distance to work are characteristics of the home or neighbourhood that are compromised to afford the home purchased.
• Note that 43% in Greater Vancouver and 52% in Fraser Valley did not make any compromises.
2008
Great VancouverTotal
Bought(631)
%
Fraser ValleyTotal
Bought(376)
%Size of home 17 10
Condition of home 10 8
Lot size/ size of yard 7 9
Distance from work 7 6
Not in preferred neighbourhood/ city/ busier/ noisier area 7 5
Higher density neighbourhood 5 3
Distance from amenities i.e. shops, grocery stores, medical
facilities, transit3 1
Style of home/ layout 3 2
Specific features not included (in-suite W/D, fireplace,
balcony etc.)2 2
Distance from friends/ family 2 1
Distance from schools 1 3
Didn’t get the view I wanted 2 1
Miscellaneous <1 1
Did not make any compromises 43 52
Refused 6 5
Q.13) What characteristics of your home or neighbourhood did you compromise in order to afford your home?
40
The Home Search Process
REBGV & FVREB - Buyers and Sellers Survey
41
Incidence of Using a REALTOR®
• Over nine-in-ten used a REALTOR®, to buy or sell their homes with no significant change in Greater Vancouver since 2006.
Base: Total bought 2006 Vancouver (n=978), 2006 Vancouver Total sold (n=556)Total bought 2008 Vancouver (n=631), Total bought 2008 Fraser Valley (n=376)Total sold 2008 Vancouver (n=440), Total sold 2008 Fraser Valley (n=241)Q.14a) Did you use a REALTOR® to buy your home? Q.14a) Did you use a REALTOR® to sell your home?
Yes94%No
6%
Yes94%No
6%
2006Greater Vancouver
Yes97%
No3%
Yes95%
No5%
2008Greater Vancouver
To Sell Home
Yes92%No
7%
Yes94%No
6%
2008Fraser Valley
To Buy Home
REBGV & FVREB - Buyers and Sellers Survey
42
Used Same REALTOR® to Both Buy and Sell Home
• Among those who both bought and sold a home, 83% in Greater Vancouver (up from 73% in 2006) used the same REALTOR®.
• The proportion was lower in the Fraser Valley area with just 68% using the same representative.
Base: Total bought and sold and used REALTOR® for both 2006 Vancouver (n=478)2008 Vancouver (n=346)2008 Fraser Valley (n=194)Q.14b) Did you use the same realtor to both buy and sell your home?
Yes73%
No27%
2006Greater Vancouver
2008Greater Vancouver
2008Fraser Valley
Yes83%
No17%
Yes68%
No32%
REBGV & FVREB - Buyers and Sellers Survey
43
Reasons Used Different REALTOR®
• The primary reason for using a different REALTOR® is knowledge of the area. Dissatisfaction with the initial REALTOR® and a number of other reasons are also given.
Base: Total used a different REALTOR® 2006 Vancouver (n=127)2008 Vancouver (n=58)2008 Fraser Valley (n=62)
Q.14c) Why did you use a different REALTOR®?
59%
11%
9%
8%
6%
0%
5%
8%
2%
Knowledge of the area
Was dissatisfied with initial REALTOR®
Used the listing representative
Had an established personal relationship/ friend/ family member
Sales experience/ track record
Saved money on commissions
No particular reason
Miscellaneous
Refused
64%
16%
7%
7%
14%
0%
0%
5%
2%
2006Greater Vancouver
2008Greater Vancouver
2008Fraser Valley
69%
5%
3%
8%
5%
6%
0%
5%
5%
REBGV & FVREB - Buyers and Sellers Survey
44
Where First Learned About REALTOR® Used
• Referral by a friend or family member continues to be the predominant way buyers and sellers first learned about their REALTOR® regardless of whether they bought or sold a home.
2006Greater Vancouver
Total used a REALTOR®
(966)%
2008Greater Vancouver
Total used a REALTOR®
(682)%
2008Fraser ValleyTotal used a REALTOR®
(383)%
Referral 59 60 56- friend/ family member 56 57 53- other REALTOR® 3 2 2
Previously used same REALTOR® to buy or sell a
home8 10 12
Open house visit 8 8 8
Internet web-site 6 5 6
Media advertisement (e.g. newspaper) 5 3 6
Reputation 3 2 3
For sale sign 3 3 2
Walked into a real estate office and the REALTOR®
was on duty2 1 1
Realtor cold call 2 1 1
Mortgage broker 1 1 1
Direct mail (i.e. business card, brochure, flyer) 1 2 1
Promotional advertisement (e.g. calendar, pen etc.) 1 1 1
Yellow pages 1 - 1
Business or community event (e.g. Board of Trade) <1 - -
Miscellaneous <1 - 1
Don’t recall 1 1 2
Q.15) Where did you first learn about the REALTOR® that helped you buy and/ or sell your home?
REBGV & FVREB - Buyers and Sellers Survey
45
Most Important Qualities/ Skills in Choosing REALTOR®
• The key quality in the selection of a REALTOR® in Greater Vancouver is the honesty or integrity of the representative.
• Other considerations include knowledge of the local area and the market conditions, and responsiveness.
Used two different REALTORS®
Greater Vancouver
Used same REALTOR®
(624)%
Forbuying home
(58)%
Forselling home
(58)%
Honesty, integrity and ethical behaviour 47 33 40Knowledge of the market and comparable homes for sale 33 26 36Knowledge of the local area 27 26 21Responsiveness 20 19 9Knowledge of the process of buying a home 11 14 12Negotiating skills 8 9 10Gut feeling/ compatibility/ like them 7 12 2Sales experience/ track record 4 10 16Knowledge about financing 4 2 2Had an established personal relationship/ friend/ family member 2 2 2
Professionalism 2 3 3Hard working 3 2 -Technology skills 2 3 -Positive referrals 1 - 2Miscellaneous 2 - -Nothing in particular/ don’t know 8 17 12
Q.16) What were the most important qualities and skills in choosing your REALTOR®?IF USED TWO DIFFERENT REALTORS®: What were the most important qualities and skills in choosing your REALTOR® to sell your home? What were the most important qualities and skills in choosing your REALTOR® to buy your home?
REBGV & FVREB - Buyers and Sellers Survey
46
Most Important Qualities/ Skills in Choosing REALTOR®
• Honesty and integrity is also a key consideration among Fraser Valley consumers.
Used two different REALTORS®
Fraser Valley
Used same REALTOR®
(321)%
Forbuying home
(62)%
Forselling home
(62)%
Honesty, integrity and ethical behaviour 46 42 37Knowledge of the market and comparable homes for sale 22 32 23Knowledge of the local area 17 31 26Responsiveness 23 21 11Knowledge of the process of buying a home 12 16 13Negotiating skills 5 3 6Gut feeling/ compatibility/ like them 7 3 2Sales experience/ track record 3 2Knowledge about financing 2 3 2Had an established personal relationship/ friend/ family member 4 2 5
Professionalism 2 - -Hard working 2 3 -Technology skills 2 2 -Positive referrals - 2 2Used the listing representative - - -Miscellaneous 1 15 -Nothing in particular/ don’t know 14 11 -
Q.16) What were the most important qualities and skills in choosing your REALTOR®?IF USED TWO DIFFERENT REALTORS®: What were the most important qualities and skills in choosing your REALTOR® to sell your home? What were the most important qualities and skills in choosing your REALTOR® to buy your home?
REBGV & FVREB - Buyers and Sellers Survey
47
Overall Satisfaction With REALTOR®
Base: 2008 Total used same REALTOR® Vancouver (n=624), Fraser Valley (n=321)Total used two different REALTORS®: to buy home Vancouver (n=58), Fraser Valley (n=62) to sell home Vancouver (n=58), Fraser Valley (n=62)
Q.17) Overall how satisfied were you with your REALTOR®?IF USED TWO DIFFERENT REALTORS®: Overall how satisfied were you with the REALTOR® you used to sell your home? Overall how satisfied were you with the REALTOR® you used to buy your home?
72%
67%
60%
17%
21%
9% 7% 12% 10%
4
5
4
32
2
2
2
Totalsatisfied
90%
88%
69%
93%
85%
90%
Total used same REALTOR®
Total sold home
Total bought home
Used two different REALTORS®
• The majority of those who used a REALTOR® were at least ‘somewhat’ satisfied overall with their representative, with those who used the same representative for both buying and selling expressing the highest level of satisfaction.
• Dissatisfaction is highest among those who used a different representative to sell their home, with 22% being dissatisfied in contrast to 5-6% of those using a different representative for buying their home or same representative for both.
• In the Fraser Valley, this pattern is not as evident.
• In comparison to the 2006 ratings in Greater Vancouver, the proportion ‘very’ satisfied has increased (up 4% to 9% depending on whether used the same or a different REALTOR®). However, among those who used a different representative to sell their home, a higher proportion were also dissatisfied (increasing from 17% to 22%)
74%
73%
68%
19%
13%
23% 3
3 6
3
5
5
2
Very satisfied Somewhat satisfied
Neither Somewhat satisfied
Very dissatisfied Don't know
Greater Vancouver
Fraser Valley
Total used same REALTOR®
Total sold home
Total bought home
Used two different REALTORS®
REBGV & FVREB - Buyers and Sellers Survey
48
Positive Reasons for Overall Satisfaction
• Those satisfied with their experience in Greater Vancouver reported that the representative ‘listened to me’, ‘was not pushy’, ‘showed suitable properties’, had good negotiating skills, and was ‘professional‘, ‘hard working’, ‘responsive’ and ‘honest’.
Used two different REALTORS®
Greater Vancouver
Used same REALTOR®
(287)%
Totalbought home
(57)%
Totalsold home
(57)%
Positive comments
Listened to me/ not pushy/ very supportive/ helpful 28 26 14
Didn’t waste my time/ showed me suitable properties 22 7 2
Good negotiating skills/ got asking/ more than asking price
20 7 12
Very professional 19 23 19
Hard working 19 9 18
Smooth process/ no problems/ did a good job 18 21 4
Gut feeling/ compatibility/ liked them 15 9 4
Was very responsive/ available to answer questions 14 12 7
Seemed to be very honest/ had integrity 11 14 11
It was a very quick turnaround/ fast sale/ purchase 9 7 12
Did a good job satisfied with service 7 4 4
Took me to open houses 1 5 -
Q.17b) Why do you say that?
REBGV & FVREB - Buyers and Sellers Survey
49
Positive Reasons for Overall Satisfaction
• Fraser Valley consumers tended to provide the same reasons for their positive experience.
Used two different REALTORS®
Fraser ValleyUsed same REALTOR®
(132)%
Totalbought home
(62)%
Totalsold home
(62)%
Positive comments
Listened to me/ not pushy/ very supportive/ helpful 29 24 15
Didn’t waste my time/ showed me suitable properties 21 10 5
Hard working 19 24 28
Gut feeling/ compatibility/ liked them 17 8 3
Good negotiating skills/ got asking/ more than asking price 16 5 8
Smooth process/ no problems/ did a good job 14 8 20
Was very responsive/ available to answer questions 14 29 7
Seemed to be very honest/ had integrity 14 7 5
Very professional 11 10 15
Did a good job/ satisfied with service 5 18 15
Had an established personal relationship/ friend/ family member
5 - -
Took me to open houses 2 - -
Knowledgeable about financing 1 - -
Gave a discount on commission/ low commission 1 - -
It was a very quick turnaround/ fast sale/ purchase 11 - 10
Q.17b) Why do you say that?
REBGV & FVREB - Buyers and Sellers Survey
50
Negative Reasons for Overall Satisfaction
• Lack of professionalism, a perception that the representative lacked honesty, and among those who used a different representative to sell their home, a lack of support and responsiveness, are the key reasons for dissatisfaction.
Used two different REALTORS®
Greater Vancouver
Used same REALTOR®
(287)%
Totalbought home
(57)%
Totalsold home
(57)%
Negative comments
Not professional/ not hard working/ I did all of the work 4 5 2
Wasn’t very honest/ lack of integrity 3 2 7
Bad negotiating skills/ paid too much/ didn’t get asking price
2 5 -
Didn’t listen to me/ pushy/ not supportive/ not helpful 1 4 12
Took a long time to sell/ find a property 1 - -
Not very responsive/ not available to answer questions <1 4 7
Commission was too high <1 2 -
There were a lot of problems/ didn’t do a good job 2 2 19
Q.17b) Why do you say that?
REBGV & FVREB - Buyers and Sellers Survey
51
Negative Reasons for Overall Satisfaction
• Lack of professionalism was one of the main reasons for dissatisfaction among Fraser Valley consumers.
Used two different REALTORS®
Fraser Valley
Used same REALTOR®
(132)%
Totalbought home
(62)%
Totalsold home
(61)%
Negative comments
Not very responsive/ not available to answer questions 1 3 2
Didn’t listen to me/ pushy/ not supportive/ not helpful 1 3 3
There were a lot of problems/ didn’t do a good job 1 11 3
Bad negotiating skills/ paid too much/ didn’t get asking price
1 - -
Took a long time to sell/ find a property 1 - -
Not professional/ not hard working/ I did all of the work 4 8 5
Wasn’t very honest/ lack of integrity 2 3 3
Commission was too high - 2 5
Q.17b) Why do you say that?
REBGV & FVREB - Buyers and Sellers Survey
52
Overall Value Provided by REALTOR® Relative to Fees Paid
• Almost nine-in-ten sellers believed they received at least ‘somewhat’ good value relative to the fees they paid, with half reporting to have received ‘very’ good value.
• Approximately one-in-ten in both regions rated the value as ‘not very’ or ‘not at all good’.
• In comparison to 2006 in Greater Vancouver, value ratings have strengthened. In 2006 80% rated the value ‘very’ or ‘somewhat’ good (now at 87%) whereas not good value ratings decreased from 17% to 10%.
Base: 2008 Total sold and used a REALTOR® Vancouver (n=428)Fraser Valley (n=222)
Q.18) Overall, how would you rate the value provided by your REALTOR® relative to the fees you paid?
50% 37% 87%
10%5 5
3%
Good value
Not good value
Don't know
51% 37% 88%
9%3 5
4%
Good value
Not good value
Don't know
Very good value Somewhat good valueNot at all good value Not very good value
Greater Vancouver
Fraser Valley
REBGV & FVREB - Buyers and Sellers Survey
53
Most Valuable Services Provided by REALTOR®
• The most valuable services provided by their REALTOR® in Greater Vancouver include placing or negotiating offers, and identifying the most suitable neighbourhood.
• Consumers also value being taken to open houses, determining what they could afford, and help with paperwork.
Used two different REALTORS®
2008Greater Vancouver
Used same REALTOR®
(624)%
Totalbought home
(58)%
Totalsold home
(58)%
Helped to determine neighbourhoods and
communities best suited to needs23 26 3
Placing/ negotiating offers 28 17 22
Took to open houses 18 24 10
Helped with paperwork 15 22 7
Helped to determine what could afford 13 19 9
Don’t know 11 17 21
Q.19) What were the three most valuable services provided by your REALTOR®?IF USED TWO DIFFERENT REALTORS®: What were the three most valuable services provided by the REALTOR® that sold your home? What were the three most valuable services provided by the REALTOR® that bought your home?
REBGV & FVREB - Buyers and Sellers Survey
54
Most Valuable Services Provided by REALTOR®
Used two different REALTORS®
2008Fraser Valley
Used same REALTOR®
(321)%
Totalbought home
(62)%
Totalsold home
(62)%
Helped to determine neighbourhoods and
communities best suited to needs16 29 6
Placing/ negotiating offers 24 18 29
Took to open houses 24 18 3
Helped with paperwork 14 10 13
Helped to determine what could afford 10 10 6
Don’t know 19 21 29
Q.19) What were the three most valuable services provided by your REALTOR®?IF USED TWO DIFFERENT REALTORS®: What were the three most valuable services provided by the REALTOR® that sold your home? What were the three most valuable services provided by the REALTOR® that bought your home?
• Fraser Valley consumers tend to express the same opinions as Greater Vancouver buyers and sellers.
REBGV & FVREB - Buyers and Sellers Survey
55
REALTOR® Explained Their Roles and Responsibilities
• Most report that their REALTOR® explained their roles and responsibilities to them with about one-in-ten or less believing they did not, with this level slightly higher among Greater Vancouver buyers who used a different representative to buy their home.
• In Greater Vancouver, the findings are similar to those found in 2006 except among those who used the same representative to buy and sell. A higher proportion in this year’s survey report to have had the roles and responsibilities explained (91% up from 86% in 2006).
Base: 2008 Total used a REALTOR® Vancouver (n=624), Fraser Valley (n=321)2008 Total used two different REALTORS®: to buy home Vancouver (n=58), Fraser Valley n=62), to sell home Vancouver
(n=58), Fraser Valley (n=62)
Q.20) Did your REALTOR® explain their roles and responsibilities?
Don't recall5%
Yes85%
No10%
Don't recall3%
Yes83%
No14%Don't recall
2%Yes91%
No7%
Total used same REALTOR®Total Bought Home
Used two different REALTORS®
Total Sold Home
Don't recall3%
Yes90%No
7%
Don't recall5%
Yes89%
No6%
No7%
Don't recall3%
Yes90%
Total Bought Home Total Sold Home Total used same REALTOR®
Greater Vancouver
Fraser Valley
REBGV & FVREB - Buyers and Sellers Survey
56
Aware of the Consumer Protection Available Through a REALTOR®
• Just over half claim to be aware of the consumer protection available through using a professional REALTOR® (with no change in the findings from 2006).
• First-time buyers are less inclined to be aware (44% aware overall).
Base: 2008 Vancouver (n=705)2008 Fraser Valley (n=395)
Q.21) Are you aware of the consumer protection available through using a professional REALTOR® such as Errors and Omissions Insurance, Real Estate Council for complaints and a special compensation fund?
Don't know2%
Yes52%
No45%
Don't know3%
Yes54%
No44%
Greater Vancouver Fraser Valley
REBGV & FVREB - Buyers and Sellers Survey
57
Where First Learned About Home Bought
• A REALTOR® and MLS®® listings on the Internet are the most common ways consumers first learned about the home they bought, with the representative being a slightly more common source in the Fraser Valley.
• Note that in 2006 in Greater Vancouver, a REALTOR® tended to be the most common source and now vies with the Internet.
Base: 2008 Total bought Vancouver (n=631)Fraser Valley (=376)
Q.22a) Where did you first learn about the home you bought?
Greater Vancouver Fraser Valley
34%
12%
6%
5%
1%
34%
30%
4%
2%
0%
4%
2%
1%
1%
2%
<1%
REALTOR®
Driving/ cycling/ walking by
Open house
Word of mouth (friends, family, colleagues
For sale by owner ad or sign
Internet (net)
- MLS®®.ca
- Realtylink.org
- Other
- Real Estate company website
- Own website
Newspaper (net)
-Local newspaper
- The Real Estate Weekly
Miscellaneous
Don’t recall
40%
8%
2%
8%
1%
32%
30%
1%
2%
1%
1%
5%
3%
2%
0%
2%
REBGV & FVREB - Buyers and Sellers Survey
58
How Marketed Home for Sale
• 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 newspaper ads.
• There are no significant shifts from the 2006 survey.
Base: 2008 Total sold Vancouver (n=440)Fraser Valley (n=241)
Q.22a) How did you market your home for sale?
50%
41%
3%
2%
2%
2%
12%
9%
6%
5%
1%
1%
10%
7%
3%
0%
2%
4%
47%
44%
1%
1%
1%
3%
13%
4%
5%
6%
1%
1%
13%
5%
6%
1%
7%
<1%
Greater Vancouver Fraser Valley
Internet (net)
-MLS®®.ca
- Realtylink.org
-Own website
-Real Estate company website
- Other
Exclusive - REALTOR® had a list of clients
Open house
Yard sign
Word of mouth (friends, family, colleagues)
Flyers/ direct mail
For sale by owner ad or sign
Newspaper (net)
-Local newspaper
- The Real Estate Weekly
- Realtylink Newspaper
Miscellaneous
Don’t recall
REBGV & FVREB - Buyers and Sellers Survey
59
Most Useful Source of Information About Homes for Sale
• The Internet, followed by a REALTOR® are the most useful sources of information about homes for sale.
Base: 2008 Total bought Vancouver (n=631)Fraser Valley (n=376)
Q.23) What was your most useful source of information about homes for sale?
60%
28%
3%
3%
4%
1%
1%
<1%
Internet
REALTOR®
Real Estate Weekly
Local newspaper
Yard signs
Daily newspaper
Other
Don't know
55%
30%
6%
4%
2%
1%
1%
<1%
Greater Vancouver Fraser Valley
REBGV & FVREB - Buyers and Sellers Survey
60
Preferred Method of Receiving Information
• Email 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 (except among seniors who tend to prefer these methods over e-mail).
Base: 2008 Total bought and used a REALTOR® Vancouver (n=600)Fraser Valley (n=355)
Q.24) How did you most like to receive information on homes for sale from your REALTOR®?
72%
26%
18%
2%
1%
1%
1%
2%
Telephone call
In person
Fax
Text message
Don't know
60%
32%
25%
3%
1%
1%
1%
<1%
Greater Vancouver Fraser Valley
Not applicable/did the research myself
61
Financing
REBGV & FVREB - Buyers and Sellers Survey
62
Source of Down Payment for Purchased Home
• Equity from the sale of a previous home, followed by personal savings are the most frequently reported sources of downpayment.
52%
34%
4%
3%
2%
1%
1%
2%
1%
1%
1%
1%
1%
6%
Equity from the sale of a previous home
Personal savings
Family (includes gift)
Equity from the sale of RRSPs
Gift (from non-family member)
Equity from the sale of otherinvestments (Bonds, GICs)
Financed/ refinanced/ short term loan
Line of credit
Inheritance
Equity form the sale of an investmentproperty
No downpayment
Equity from sale of a secondary homesuch as a cabin, cottage
Miscellaneous
Don’t knowBase: 2008 Total bought
Vancouver (n=631)Fraser Valley (n=376)
Q.25) What was the source of your down payment?
53%
33%
3%
2%
1%
2%
2%
2%
1%
1%
6%
<1%
<1%
<1%
Greater Vancouver Fraser Valley
REBGV & FVREB - Buyers and Sellers Survey
63
Percentage of Purchase Price Financed
• An average of just over 50% of the purchase price was financed, this proportion being relatively consistent with 2006 findings in Greater Vancouver.
15%
5%
15%
15%
10%
18%
10%
12%
0%
1% to 24%
25% to 50%
51% to 74%
75%
76% to 90%
91% to 100%
Refused
Average = 55.5 %
Base: 2008 Total bought Vancouver (n=631)Fraser Valley (n=376)
Q.26) Approximately what percentage of the purchase price did you finance?
17%
4%
14%
13%
8%
16%
11%
16%
Average = 54.6 %
Greater Vancouver Fraser Valley
REBGV & FVREB - Buyers and Sellers Survey
64
Finance Property Transfer Tax Payment
• Approximately 15% of buyers financed their property transfer tax with this level increasing to over 20% among Greater Vancouver buyers who have purchased a home valued over $500,000.
Base: 2008 Total Buyers Vancouver (n=631)Fraser Valley (n=376)
Q.27a) Did you have to finance your property transfer tax payment?
Greater Vancouver Fraser Valley
No73%
Not required to pay
4%
Yes16%
Don't know8%
No72%
Not required to pay
5%
Yes15%
Don't know8%
REBGV & FVREB - Buyers and Sellers Survey
65
How Financed Property Transfer Tax Payment
• The most common way to finance the property transfer tax is through borrowing or taking a loan from their financial institution.
Base: 2008 Total buyers who financed property transfer tax paymentVancouver (n=98)Fraser Valley (n=58)
Q.27b) If yes, did you:
53%
28%
2%
13%
4%
Greater Vancouver Fraser Valley
Borrow it or take a loan from your financial institution
Take it out of your downpayment
Borrow it or receive it as a gift from your family, relatives
Other
Don't know
48%
36%
2%
12%
2%
REBGV & FVREB - Buyers and Sellers Survey
66
Plan to Buy or Sell Within Next Five Years
• Approximately one -quarter (down from one-third in Greater Vancouver in 2006) intend to buy or sell a home or property in the next five years or so.
• The findings are correlated with age ranging from 39% of those 18-34 years of age to only 15% of those 65 years or over intending to make a purchase.
Base: 2008 Total Vancouver (n=705)Fraser Valley (n=395)
Q.29) Do you plan to buy or sell a home or property within the next five years?
Maybe/ unsure17%
Yes27%
No56%
Maybe/ unsure17%
Yes26%
No57%
Greater Vancouver Fraser Valley
REBGV & FVREB - Buyers and Sellers Survey
67
Predictions for Future Prices
• The majority expect that prices will decrease in 2009. Approximately one-quarter believe they will stay the same and less than 10% predict an increase.
Base: 2008 TotalVancouver (n=705)Fraser Valley (n=395)
Q.30) Do you believe that prices will increase or stay the same in 2009?
63%
24%
8%
6%
Decrease
Stay the same
Increase
Don't know
Greater Vancouver Fraser Valley
57%
27%
10%
7%
68
Demographics
REBGV & FVREB - Buyers and Sellers Survey
69
Demographic Profile
Key characteristics of buyers and sellers include:
• Approximately six-in-ten are female (note this may be due to a higher response rate among females than males in the survey).
• 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 45 years of age or over.
• The majority (over seven-in-ten) buyers and sellers are married or living common-law.
• Fraser Valley buyers and sellers are similar to Greater Vancouver consumers in these respects with the exception that they are slightly older than those found in Greater Vancouver.
• There are no significant shifts in Greater Vancouver from 2006.
2008
2006 Greater Vancouver Fraser Valley
TotalBuyers(978)
%
TotalSellers(556)
%
TotalBuyers(631)
%
TotalSellers(440)
%
TotalBuyers(376)
%
TotalSellers(241)
%GenderMale 40 37 42 43 48 44Female 60 63 58 58 52 56Age18 to 34 years 25 17 21 15 22 1435 to 44 years 32 29 33 31 29 2545 to 54 years 20 25 20 19 19 1755 to 64 years 12 15 14 17 16 2065 to 74 years 6 7 8 11 10 1575 or older 5 7 3 6 4 8Marital statusSingle 15 14 14 13 11 9Married or common-law 72 71 72 69 75 75Divorced 7 8 8 9 8 7
Widowed 5 7 5 8 5 8
continued…
REBGV & FVREB - Buyers and Sellers Survey
70
Demographic Profile
• The average household size is just under three people (2.7-2.8) except note that Fraser Valley buyer households tend to be slightly larger (3.0).
• Close to 70% of buyers and 65% of sellers in Greater Vancouver have obtained a university degree or college diploma in contrast to about 50% of Fraser Valley buyers/sellers.
2008
2006 Greater Vancouver Fraser Valley
TotalBuyers(978)
%
TotalSellers(556)
%
TotalBuyers(631)
%
TotalSellers(440)
%
TotalBuyers(376)
%
TotalSellers(241)
%# of people living in household1 19 18 18 22 14 162 33 36 30 29 36 443 21 18 21 18 13 94 18 17 19 19 20 175 or more 8 9 11 11 17 14
Average 2.7people
2.7people
2.8people
2.7people
3.0people
2.8people
EducationLess than grade 12 3 3 2 4 5 5Grade 12 graduation 10 11 9 10 21 21Technical or vocational school 6 6 7 7 9 7Some college or university 12 14 11 13 14 17University degree or college diploma 46 43 50 48 38 36
Post-graduate degree 23 21 19 17 13 13Refused 1 2 2 2 1 2
continued…
REBGV & FVREB - Buyers and Sellers Survey
71
Demographic Profile (cont’d)
• A slightly higher proportion of buyers than sellers are employed. Also note that the employment rate is higher in Greater Vancouver than in the Fraser Valley area, with no significant change since 2006.
• Just under one-in-ten work from home and an equal size group do so at least part of the time.
• Approximately 13-14% in Greater Vancouver and 10-11% in Fraser Valley are self-employed.
• Only one-third of Greater Vancouver consumers were born in B.C. The proportion is slightly higher in the Fraser Valley (about 40%). Note the proportion in Greater Vancouver from China has decreased slightly since 2006 (3-4% down from 8%).
20082006 Greater Vancouver Fraser Valley
Totalbought(978)
%
Totalsold
(556)%
TotalBuyers(631)
%
TotalSellers(440)
%
TotalBuyers(376)
%
TotalSellers(241)
%Employment statusTotal employed (including self-employed) 75 72 76 69 68 61
- work from home 9 11 8 7 6 2- work outside home 57 52 60 55 54 47- both 9 9 9 8 7 8
Self employed na na 14 13 11 10Not working 8 6 8 7 12 10Retired 14 20 15 22 18 27Student 3 2 2 1 1 <1Place of birthBritish Columbia 30 32 34 38 40 42Other Canada 28 30 30 31 26 29Europe 15 16 12 12 13 17China 8 8 4 3 1 <1Philippines 4 3 3 1 2 <1United States 4 3 4 4 1 <1Middle East 3 1 3 1 1 -Africa 1 1 2 2 2 2Caribbean/Mexico/Central/South America 1 1 2 1 3 3Other Asia 2 2 1 1 1 1India/ Pakistan 1 1 2 1 6 2Other countries 2 1 1 1 1 4
continued…
REBGV & FVREB - Buyers and Sellers Survey
72
Demographic Profile (cont’d)
• Buyers tend to be newer to the region than sellers.
• A language other than English is spoken in the homes of 15% of buyers in both regions and 10% of sellers in Greater Vancouver and 7% of sellers in the Fraser Valley, Punjabi being the most common alternate language in the Fraser Valley.
• Approximately 8% of households have extended family living with them.
2008
2006 Greater Vancouver Fraser ValleyTotal
bought(978)
%
Totalsold
(556)%
TotalBuyers(631)
%
TotalSellers(440)
%
TotalBuyers(376)
%
TotalSellers(241)
%# of years lived in RegionBorn in Region 17 18 21 26 21 21Less than 10 years 35 22 34 20 27 2210 - 29 years 29 34 24 27 28 2730 years or more 18 23 19 25 22 27Primary language spoken in homeEnglish 82 88 85 90 85 93Mandarin 4 3 2 2 <1 -Spanish - - 1 1 2 2Cantonese 2 3 1 1 - -Farsi 2 1 3 1 <1 -Tagalog 2 1 2 1 1 -French 1 1 1 2 1 1Korean 1 - 0 <1 1 -Punjabi <1 <1 <1 - 4 1Japanese <1 <1 <1 1 <1 1Other 5 2 4 2 5 3
REBGV & FVREB - Buyers and Sellers Survey
73
Demographic Profile (cont’d)
• Greater Vancouver buyers and sellers report a range of household incomes, whereas Fraser Valley consumers are skewed towards those earning $90,000 or less per year.
2008
2006 Greater Vancouver Fraser Valley
Totalbought(978)
%
Totalsold
(556)%
TotalBuyers(631)
%
TotalSellers(440)
%
TotalBuyers(376)
%
TotalSellers(241)
%Household incomeLess than $60,000 20 19 17 18 23 22$60,000 to less than $90,000 25 22 22 21 29 26$90,000 to less than $120,000 17 17 15 14 16 15$120,000 or more 19 21 24 23 12 14Refused 18 20 19 22 17 22
74
Questionnaire
REBG
V/FV
REB B
uyers/S
ellers Survey
Decem
ber 2
9, 2
008
Page 1
AS
K F
OR
MA
LE O
F F
EM
ALE H
EA
D O
F H
OU
SEH
OLD
Hello
, I’m _
__ o
f Mustel G
roup M
arket Research
, a pro
fessional research
firm. W
e are co
nductin
g a su
rvey on b
ehalf o
f the real E
state board
s of G
reater Van
couver an
d Fraser
Valley am
ong p
eople w
ho h
ave bou
ght o
r sold
pro
perty in
2008. Please b
e assured
we are n
ot
selling o
r solicitin
g an
ythin
g an
d all resp
onses are kep
t strictly confid
ential. W
e are interested
in
your exp
eriences in
the h
ousin
g m
arket to help
better serve yo
ur n
eeds.
Did
you b
uy o
r sell a hom
e or resid
ential p
roperty in
2008?
Bought an
d sold
Only b
ought
O
nly so
ld
IF
NO
EN
D IN
TER
VIE
W
How
man
y adults in
this h
ouseh
old
were in
volved
in th
e buyin
g an
d/o
r selling p
rocess? IF
MO
RE T
HAN
ON
E: In
ord
er to ran
dom
ize who w
e interview
, may I p
lease to sp
eak to th
e perso
n w
hose b
irthday is co
min
g u
p n
ext?
IF NO
T A
VAILA
BLE
, OBTAIN
GEN
DER A
ND
ARRAN
GE C
ALLB
ACK A
PPOIN
TM
EN
T
GEN
DER O
F SELE
CTED
IND
IVID
UAL
MALE
FEM
ALE
Persu
ad
ers—
on
ly if n
eed
ed
:
This is strictly an
opin
ion su
rvey; we are n
ot sellin
g o
r solicitin
g an
ythin
g.
Your n
um
ber w
as selected at ran
dom
for p
articipatio
n in
this research
from
listings o
f pro
perties recen
tly bought an
d so
ld, cro
ss referenced
again
st publish
ed telep
hone
listings.
The su
rvey is bein
g co
nducted
for th
e Real E
state Board
of G
reater Van
couver an
d th
e Fraser V
alley Real E
state Board
, not-for-p
rofit o
rgan
izations th
at represen
ts REALT
ORS®
. This stu
dy is im
portan
t as it will h
elp th
e org
anizatio
ns b
etter understan
d th
e need
s of
hom
e buyers an
d sellers.
All resp
onses are strictly co
nfid
ential an
d an
onym
ous; yo
ur id
entity is n
ever revealed
to an
yone else, in
cludin
g th
e client.
The su
rvey will take ap
pro
ximately 1
5 m
inutes to
com
plete d
epen
din
g o
n yo
ur
responses.
Contact: N
oreen D
avis: 604-7
30-3
048 o
r ndavis@
rebgv.o
rg
REBG
V/FV
REB B
uyers/S
ellers Survey
Decem
ber 2
9, 2
008
Page 2
Ch
ara
cteristics o
f Ho
me P
urch
ase
d/
So
ld
1.
IF BO
UG
HT: A
re you a first-tim
e hom
e buyer?
Yes
No
2.
IF BO
UG
HT: D
id yo
u b
uy a n
ew h
om
e or a resale?
N
ew
Resale
3.
IF BO
UG
HT N
EW
: Did
you p
urch
ase the h
om
e as a pre-sale o
r pre-co
mpletio
n?
4.
IF BO
UG
HT: W
hat typ
e of h
om
e did
you b
uy in
2006? R
EAD
IF NECESSARY
IF S
OLD
: What typ
e of h
om
e did
you sell in
2006? R
EAD
IF NECESSARY
detach
ed sin
gle-fam
ily duplex
tow
nhouse
condom
iniu
m ap
artmen
t in
-fill (gard
en co
ttage o
r coach
hou
se) m
obile/ m
anufactu
red h
om
e hotel strata u
nit PR
OBE: Fractio
nal sh
are or fu
ll ow
nersh
ip?
build
ing lo
t O
TH
ER: S
PECIFY
IF B
OU
GH
T O
R S
OLD
MO
RE T
HA
N O
NE P
RO
PER
TY
, REFER
TO
MO
ST R
EC
EN
T
PU
RC
HA
SE IN
20
06
FO
R R
EM
AIN
DER
OF Q
UES
TIO
NN
AIR
E
5.
IF BO
UG
HT: Is th
e hom
e you b
ought:
IF S
OLD
: Was th
e hom
e you so
ld:
yo
ur p
rincip
al residen
ce
a vacation h
om
e
an in
vestmen
t pro
perty
or a seco
nd h
om
e
OTH
ER: S
PECIFY
IF IN
VES
TM
EN
T P
RO
PER
TY
IN Q
.5 O
R B
UIL
DIN
G L
OT IN
Q.4
US
E T
ER
M
‘PR
OP
ER
TY
’ INS
TEA
D O
F H
OM
E F
OR
REM
AIN
DER
OF Q
UES
TIO
NN
AIR
E
REBG
V/FV
REB B
uyers/S
ellers Survey
Decem
ber 2
9, 2
008
Page 3
6.
IF BO
UG
HT: W
here is th
e hom
e you b
ought?
IF S
OLD
: Where is th
e hom
e you so
ld?
Gre
ate
r Van
cou
ver R
eal E
state
Bo
ard
Are
a:
Burn
aby
City o
f Van
couver
South
Delta, Lad
ner an
d T
saww
assen
Lio
ns B
ay
Map
le Rid
ge
N
ew W
estmin
ster
North
Van
couver
Pitt M
eadow
s,
Tri-cities (Po
rt Coquitla
m,Po
rt Moody, C
oquitlam
,Anm
ore, B
elcarra)
Rich
mond
W
est Van
couver
Bow
en Islan
d
G
ulf Islan
ds
Sunsh
ine C
oast (S
echelt, G
ibso
ns)
Squam
ish
Pem
berto
n
W
histler
Fra
ser V
alle
y R
eal E
state
Board
Are
a
Abbotsfo
rd
N
orth
Delta
Lan
gley
M
ission
Surrey
W
hite R
ock
Oth
er B
C
G
reater Victo
ria
O
ther V
anco
uver Islan
d: S
PECIFY
:_____________
O
ther B
C: S
PECIFY
: _________________
Oth
er C
an
ad
a
Alb
erta
M
anito
ba/S
askatchew
an
O
ntario
Queb
ec
Maritim
es
North
west T
erritories
Oth
er
U
nited
States
Euro
pe
H
ong K
ong
O
ther C
hin
a
Japan
Oth
er: SPE
CIFY
7.
How
man
y hom
es inclu
din
g vacatio
n an
d in
vestmen
t pro
perty d
o you
ow
n? (N
OTE: A
ny
where in
the w
orld
)
REBG
V/FV
REB B
uyers/S
ellers Survey
Decem
ber 2
9, 2
008
Page 4
8a.
IF BO
UG
HT: H
ow
much
did
you p
ay for yo
ur h
om
e? READ
RAN
GES
IF SO
LD: H
ow
much
did
you sell yo
ur h
om
e for? READ
RAN
GES
Less th
an
$5
00
,00
0
Is that:
Less than
$200,0
00
$200,0
00 to
less than
$300,0
00
$300,0
00 to
less than
$400,0
00
$400,0
00 or m
ore
$5
00
,00
0 to
less th
an
$1
millio
n
Is that:
Less than
$600,0
00
$600,0
00 to
less than
$700,0
00
$700,0
00 to
less than
$800,0
00
$800,0
00 to
less than
$900,0
00
$900,0
00 or m
ore
Mo
re th
an
$1
millio
n
Is that:
Less than
$1.2
millio
n
$1.2
to less than
$1.4
millio
n
$1.4
to less than
$1.6
millio
n
$1.6
to less than
$1.8
millio
n
$1.8
to less than
$2 m
illion
$2 m
illion o
r more
b.
IF BO
UG
HT: D
id yo
u p
ay less, more o
r about w
hat you
expected
to pay?
IF S
OLD
: Did
you sell yo
ur h
om
e for more, less o
r about w
hat yo
u exp
ected?
Decisio
n C
riteria
9.
IF SO
LD: W
hat w
ere your m
ain reaso
ns for sellin
g yo
ur h
ome? W
hat in
fluen
ced yo
ur
decisio
n to
sell?
IF B
OU
GH
T: W
hat w
ere your m
ain reaso
ns fo
r buyin
g a h
om
e? What in
fluen
ced yo
ur
decisio
n to
buy?
IF B
OTH
BO
UG
HT A
ND
SO
LD: W
hat w
ere your m
ain reaso
ns fo
r selling an
d b
uyin
g a
hom
e? What in
fluen
ced yo
ur d
ecision?
U
PSIZ
ING
DO
WN
SIZ
ING
WO
RK LO
CATIO
N C
HAN
GED
/BE C
LOSER T
O W
ORK
O
TH
ER: S
PECIFY
REBG
V/FV
REB B
uyers/S
ellers Survey
Decem
ber 2
9, 2
008
Page 5
10.
IF BO
UG
HT: W
hat w
ere the th
ree most im
portan
t factors yo
u co
nsid
ered in
selecting you
r n
eig
hb
ou
rho
od
loca
tion
? DO
NO
T R
EAD
LIST. PR
OBE: A
nyth
ing else? PR
OBE U
P TO
3
RESPO
NSES
CLO
SE T
O FA
MILY
/FRIE
ND
S
CLO
SE T
O W
ORK/ LE
SSEN
ED
CO
MM
UTE T
IME
CLO
SE T
O S
CH
OO
LS
Q
UALIT
Y O
F SCH
OO
LS
CLO
SE T
O PU
BLIC
TRAN
SIT
(INCLU
DES S
KYTRAIN
, BU
SES)
CLO
SE T
O A
MEN
ITIE
S S
UCH
AS S
HO
PS, G
RO
CERY S
TO
RES, M
ED
ICAL FA
CILIT
IES
CLO
SE T
O PA
RKS A
ND
GREEN
SPA
CE, IN
CLU
DIN
G T
RAILS
CLO
SE T
O R
ECREATIO
N FA
CILIT
IES
CLO
SE T
O FA
RM
LAN
D
CLO
SE T
O A
IRPO
RT
CLO
SE T
O W
ATER (S
TREAM
S, R
IVERS, LA
KES, O
CEAN
)
SAFE
TY/LE
SS C
RIM
E
LE
SSEN
ED
OR N
O N
EED
TO
USE V
EH
ICLE
(CAN
WALK
OR C
YCLE
)
OTH
ER S
PECIFY
11.
Did
you p
ay more fo
r your h
om
e to b
e closer o
r with
in w
alking d
istance to
such
amen
ities as p
ublic tran
sit, shops, an
d sch
ools?
12.
IF BO
UG
HT: A
part from
the p
rice, what w
ere the th
ree most im
portan
t factors yo
u
consid
ered in
selecting yo
ur h
om
e? D
O N
OT R
EAD
LIST PR
OBE: A
nyth
ing else? PR
OBE U
P TO
3 R
ESPO
NSES
SIZ
E: PR
OBE: U
PSIZ
ING
(MO
VIN
G T
O A
LARG
ER H
OM
E)
DO
WN
SIZ
ING
(MO
VIN
G T
O A
SM
ALLE
R H
OM
E)
STYLE
OF H
OM
E
NO
. OF B
ED
RO
OM
S
SECO
ND
ARY S
UIT
E IN
HO
ME
EN
VIR
ON
MEN
TAL/S
MART G
RO
WTH
/GREEN
(EN
ERG
Y E
FFICIE
NCY, D
ESIR
E FO
R S
MALLE
R
FOO
TPR
INT, C
LOSE T
O T
RAN
SIT
) IN
VESTM
EN
T PO
TEN
TIA
L O
TH
ER S
PECIFY
REBG
V/FV
REB B
uyers/S
ellers Survey
Decem
ber 2
9, 2
008
Page 6
13.
IF BO
UG
HT: W
hat ch
aracteristics of you
r hom
e or n
eighbou
rhood d
id yo
u co
mprom
ise in
ord
er to affo
rd yo
ur h
ome? D
O N
OT R
EAD
LIST
SIZ
E O
F HO
ME
CO
ND
ITIO
N O
F HO
ME
LO
T S
IZE/S
IZE O
F YARD
HIG
HER D
EN
SIT
Y N
EIG
HBO
URH
OO
D
D
ISTAN
CE FR
OM
WO
RK
D
ISTAN
CE FR
OM
SCH
OO
LS
Q
UALIT
Y O
F SCH
OO
LS
D
ISTAN
CE FR
OM
FRIE
ND
S/FA
MILY
OTH
ER: S
PECIFY
DID
NO
T M
AKE A
NY C
OM
PRO
MIS
ES
Th
e H
om
e S
earch
Pro
cess
14a.
IF BO
UG
HT: D
id yo
u u
se a REALT
OR®
to b
uy yo
ur h
om
e?
IF SO
LD: D
id yo
u u
se a REALT
OR®
to sell yo
ur h
om
e?
Yes
N
o
IF D
ID N
OT U
SE A
REALT
OR®
SKIP
TO
Q.2
1
b.
IF BO
TH
BO
UG
HT A
ND
SO
LD A
ND
USED
REALT
OR®
FOR B
OTH
ASK: D
id yo
u u
se the
same realto
r to b
oth
buy an
d sell yo
ur h
om
e?
Yes
N
o
c. IF N
O: W
hy d
id yo
u u
se a differen
t REALT
OR®
?
d.
IF BO
UG
HT: D
id yo
u w
ork exclu
sively with
one R
EALT
OR®
to p
urch
ase your h
om
e?
Yes
No
e. IF B
OU
GH
T: W
ould
you sig
n a con
tract to w
ork w
ith o
nly on
e REALT
OR®
thro
ughout th
e en
tire hom
e buyin
g p
rocess?
Yes
N
o
REBG
V/FV
REB B
uyers/S
ellers Survey
Decem
ber 2
9, 2
008
Page 7
15.
Where d
id yo
u first learn
about th
e REALT
OR®
that h
elped
you b
uy an
d/o
r sell your
hom
e? DO
NO
T R
EAD
LIST
PR
OM
OTIO
NAL A
DVERTIS
EM
EN
T (e.g
. CALE
ND
AR, PE
N O
R FR
IDG
E M
AG
NET)
M
ED
IA A
DVERTIS
EM
EN
T (e.g
., NEW
SPA
PER A
DVERTIS
EM
EN
T)
BU
SIN
ESS O
R C
OM
MU
NIT
Y E
VEN
T (e.g
., CH
AM
BER O
F CO
MM
ERCE, R
OTARY C
LUB,
BO
ARD
OF T
RAD
E)
D
IRECT M
AIL (e.g
., BU
SIN
ESS C
ARD
, BRO
CH
URE, FLY
ER)
FO
R S
ALE
SIG
N
IN
TERN
ET W
EB S
ITE
O
PEN
HO
USE V
ISIT
REFE
RRAL PR
OBE: Frien
d/fam
ily mem
ber o
r oth
er REALT
OR®
REPU
TATIO
N
PR
EVIO
USLY
USED
SAM
E R
EALT
OR®
TO
BU
Y O
R S
ELL A
HO
ME
W
ALK
ED
INTO
A R
EAL E
STATE O
FFICE A
ND
TH
E R
EALT
OR®
WAS O
N D
UTY
YELLO
W PA
GES
O
TH
ER: S
PECIFY
16.
What w
ere the m
ost im
portan
t qualities an
d skills in
choosin
g you
r REALT
OR®
? DO
NO
T
READ
LIST
IF U
SED
TW
O D
IFFEREN
T R
EALT
ORS®
: What w
ere the m
ost im
portan
t qualities an
d skills
in ch
oosin
g yo
ur R
EALT
OR®
to sell yo
ur h
om
e? DO
NO
T R
EAD
LIST
W
hat w
ere the m
ost im
portan
t qualities an
d skills in
choosin
g you
r REALT
OR®
to b
uy yo
ur
hom
e? DO
NO
T R
EAD
LIST
H
ON
ESTY, IN
TEG
RIT
Y A
ND
ETH
ICAL B
EH
AVIO
UR/ FA
IR
KN
OW
LED
GE O
F TH
E LO
CAL A
REA
KN
OW
LED
GE O
F TH
E M
ARKET A
ND
CO
MPA
RABLE
HO
MES FO
R S
ALE
KN
OW
LED
GE O
F TH
E PR
OCESS O
F BU
YIN
G A
HO
ME
TECH
NO
LOG
Y S
KILLS
NEG
OTIA
TIN
G S
KILLS
KN
OW
LED
GE A
BO
UT FIN
AN
CIN
G
RESPO
NSIV
EN
ESS
O
TH
ER: S
PECIFY
17a.
Overall h
ow
satisfied w
ere you w
ith you
r REALT
OR®
?
IF U
SED
TW
O D
IFFEREN
T R
EALT
ORS®
: Overall h
ow
satisfied w
ere you w
ith th
e REALT
OR®
you u
sed to sell yo
ur h
om
e?
Overall h
ow
satisfied w
ere you w
ith th
e REALT
OR®
you u
sed to b
uy a h
om
e?
Very satisfied
Som
ewhat satisfied
Neith
er satisfied n
or d
issatisfied
Som
ewhat d
issatisfied
Very d
issatisfied
b.
Why d
o you
say that? PR
OBE FU
LLY
18.
IF SO
LD H
OM
E: O
verall, how
would
you rate th
e value p
rovid
ed b
y your realto
r relative to
the fees you
paid
? READ
SCALE
REBG
V/FV
REB B
uyers/S
ellers Survey
Decem
ber 2
9, 2
008
Page 8
Very g
ood valu
e
Som
ewhat g
ood valu
e
Not very g
ood valu
e
Not at all g
ood valu
e
19.
What w
ere the th
ree most valu
able services p
rovid
ed b
y your R
EALT
OR®
?DO
NO
T R
EAD
LIS
T
IF U
SED
TW
O D
IFFEREN
T R
EALT
ORS®
: What w
ere the th
ree most valu
able services
pro
vided
by th
e REALT
OR®
that so
ld yo
ur h
ome? D
O N
OT R
EAD
LIST
W
hat w
ere the th
ree most valu
able services p
rovid
ed b
y the R
EALT
OR®
that b
ought you
r hom
e? DO
NO
T R
EAD
LIST
H
ELPE
D T
O D
ETERM
INE W
HAT C
OU
LD A
FFORD
HELPE
D T
O D
ETERM
INE N
EIG
HBO
URH
OO
DS A
ND
CO
MM
UN
ITIE
S B
EST S
UIT
ED
TO
NEED
S
H
ELPE
D W
ITH
PAPE
RW
ORK
TO
OK T
O O
PEN
HO
USES
PLA
CIN
G/N
EG
OTIA
TIN
G O
FFERS
REVIE
WED
SALE
S/C
ON
TRACTS O
F PURCH
ASE
CO
ORD
INATED
APPR
AIS
AL, H
OM
E IN
SPE
CTIO
N
ATTEN
DED
CLO
SIN
G
STAG
ING
OTH
ER: S
PECIFY
20.
Did
your R
EALT
OR®
explain
their ro
les and resp
onsib
ilities?
IF U
SED
TW
O D
IFFEREN
T R
EALT
ORS®
: Did
the R
EALT
OR®
that so
ld yo
ur h
om
e explain
th
eir roles a
nd resp
onsib
ilities?
Did
the R
EALT
OR®
that b
ought yo
ur h
om
e explain
their ro
les and resp
onsib
ilities?
REBG
V/FV
REB B
uyers/S
ellers Survey
Decem
ber 2
9, 2
008
Page 9
21.
Are yo
u aw
are of th
e consu
mer p
rotectio
n availab
le thro
ugh u
sing a p
rofessio
nal
REALT
OR®
such
as errors an
d o
missio
ns in
suran
ce, real estate council fo
r com
pla
ints an
d
a special co
mpen
sation fu
nd?
Yes
N
o
22.
IF BO
UG
HT: W
here d
id yo
u first learn
about th
e hom
e you b
ought? D
O N
OT R
EAD
LIST
IF S
OLD
: How
did
your R
EALT
OR®
market you
r hom
e for sale? D
O N
OT R
EAD
LIST
N
EW
SPA
PER: PR
OBE: M
ajor D
aily New
spap
er (e.g., V
anco
uver S
un)
Local N
ewsp
apers (e.g
., Burn
aby N
ow
,N
orth
Shore N
ews,
Rich
mond R
eview, W
est Ender)
The R
eal Estate W
eeklyRealtylin
k New
spap
er
FLYERS/D
IRECT M
AIL
D
RIV
ING
/CYCLIN
G/W
ALK
ING
BY
IN
TERN
ET: P
RO
BE:
MLS
.Ca
Realtylin
k.Org
Real E
state Com
pan
y Web
site
O
wn w
ebsite
Oth
er: SPECIFY
YARD
SIG
N
O
PEN
HO
USE
FO
R S
ALE
BY O
WN
ER A
D O
R S
IGN
WO
RD
OF M
OU
TH
(FRIE
ND
S, FA
MILY
, CO
LLEAG
UES)
RELO
CATIO
N C
OM
PAN
Y
IF B
OU
GH
T: R
EALT
OR®
IF SO
LD: E
XCLU
SIV
E- R
EALT
OR®
HAD
LIST O
F CLIE
NTS
O
TH
ER: S
PECIFY
23.
IF BO
UG
HT: W
hat w
as your m
ost u
seful so
urce o
f info
rmatio
n ab
out h
om
es for
sale? READ
LIST IN
RAN
DO
M O
RD
ER
REALT
OR®
Intern
et
Daily n
ewsp
aper
Lo
cal new
spap
er
Real E
state Weekly
Yard
signs
O
ther: S
PECIFY
REBG
V/FV
REB B
uyers/S
ellers Survey
Decem
ber 2
9, 2
008
Page 1
0
24.
IF BO
UG
HT: H
ow
did
you m
ost like to
receive info
rmatio
n o
n h
om
es for sale fro
m yo
ur
REALT
OR®
?
telep
hone call
fax
em
ail
text messag
e
in p
erson
O
ther S
PECIFY
Fin
an
cing
25.
IF BO
UG
HT: W
hat w
as the sou
rce of yo
ur d
ow
n p
aymen
t? READ
IF NECESSARY
eq
uity fro
m th
e sale of a p
revious h
om
e
equity fro
m sale o
f a secondary h
ome su
ch as a cab
in, co
ttage
eq
uity fro
m th
e sale of an
investm
ent p
roperty
eq
uity fro
m th
e sale of b
onds, G
ICs, R
RSPs
fam
ily (inclu
des g
ift)
gift (fro
m n
on-fam
ily mem
ber)
in
heritan
ce
sale of assets su
ch as a car, art, jew
ellery
win
nin
gs fro
m g
amin
g (lo
tteries, casino, h
orse races)
savin
gs
26.
IF BO
UG
HT: A
ppro
ximately w
hat p
ercentag
e of th
e purch
ase price d
id yo
u fin
ance?
27a. D
id you have to finance your Property Transfer Tax paym
ent? YesN
o S
KIP
TO Q
.28
b. D
id you:
take it out of your down paym
ent
borrow it or take a loan rom
your financial institution or from your line of credit
borrow
it or receive it as a gift from your fam
ily, relatives or friends.
REBG
V/FV
REB B
uyers/S
ellers Survey
Decem
ber 2
9, 2
008
Page 1
1
c. If borrow
ed, did this affect your CM
HC
mortgage insurance costs?
YesN
o N
/A
If yes, please explain how. ___________________
Fu
ture
Pla
ns
29.
Do you
plan
to b
uy o
r sell a hom
e or p
roperty w
ithin
the n
ext five years?
Yes
N
o
M
AYBE/U
NSU
RE
30.
Do you
believe th
at prices w
ill increase, d
ecrease or stay th
e same in
2009?
Dem
og
rap
hics
And, I h
ave just a few
more q
uestio
ns fo
r classification p
urp
oses…
A.
Into
which
of th
e follo
win
g ag
e categories d
o yo
u fall?
18 to
24 years
25 to
34 years
35 to
44 years
45 to
54 years
55 to
64 years
65 to
74 years
75 to
84 years
85 years o
r old
er
B.
What is yo
ur m
arital status?
Sin
gle
m
arried o
r com
mon law
divo
rced
w
idow
ed
REBG
V/FV
REB B
uyers/S
ellers Survey
Decem
ber 2
9, 2
008
Page 1
2
Ci.
How
man
y peo
ple in
cludin
g yo
urself live in
this h
ouseh
old
?
N
o._
_
ii. IF M
ORE T
HAN
ON
E:
H
ow
man
y are:
Under 1
0 years o
f age
10 to
17 years o
f age
18 years o
f age o
r over
iii. IF T
WO
OR M
ORE A
DU
LTS A
SK: D
o you h
ave any exten
ded
family livin
g w
ith yo
u?
Yes
N
o
D.
What is th
e hig
hest level o
f educatio
n you
have h
ad th
e opportu
nity to
com
plete? (R
EA
D)
Less than
Grad
e 12
Grad
e 12 g
raduatio
n
Tech
nical o
r vocatio
nal sch
ool
Som
e colleg
e or u
niversity
University d
egree o
r colleg
e dip
lom
a
Post-g
raduate d
egree
E.
Are yo
u cu
rrently: (R
EA
D L
IST)
Em
plo
yed: PR
OBE: D
o yo
u ten
d to
work fro
m h
om
e or o
utsid
e the h
om
e?
Self em
plo
yed PR
OBE: D
o you
tend to w
ork fro
m h
om
e or o
utsid
e the h
om
e?
Not w
orkin
g
Stu
den
t
Retired
REBG
V/FV
REB B
uyers/S
ellers Survey
Decem
ber 2
9, 2
008
Page 1
3
Fi. D
ELE
TE? W
here w
ere you b
orn
?
Van
couver
Bow
en Islan
d
G
ulf Islan
ds
Sunsh
ine C
oast (S
echelt, G
ibso
ns)
Squam
ish
Pem
berto
n
W
histler
SKIP T
O Q
.G IF A
NSW
ER A
NY O
F TH
E A
BO
VE
O
ther B
C
O
ther C
anad
a
United
States
Chin
a
Japan
Korea
In
dia
O
ther S
PECIFY
ii.
DELE
TE? H
ow
long h
ave you lived
in th
is area of B
C?
G.
What is th
e prim
ary languag
e spoken
in you
r hom
e?
English
French
Can
tonese
M
andarin
Japan
ese
Korean
Punjab
i
Oth
er SPE
CIFY
REBG
V/FV
REB B
uyers/S
ellers Survey
Decem
ber 2
9, 2
008
Page 1
4
Hi.
Which
of th
e follo
win
g categ
ories b
est describ
es your to
tal annual h
ouseh
old
inco
me
befo
re taxes?
Less th
an
$6
0,0
00
Is that:
Less than
$45,0
00
$45,0
00 o
r more
$6
0,0
00
to le
ss than
$9
0,0
00
Is that:
less that $
75,0
00
$75,0
00 o
r more
$9
0,0
00
or m
ore
Is that:
$90,0
00 to less th
an $
105,0
00
$105,0
00 to
less than
$120,0
00
$120,0
00 or m
ore
ii.
IF MO
RE T
HAN
ON
E H
OU
SEH
OLD
MEM
BER: H
ow m
any in
com
e earners are th
ere in
this h
ouseh
old
?
Than
k you. T
hat co
mpletes o
ur su
rvey.
In case m
y superviso
r may w
ish to verify th
is survey, m
ay I please h
ave your first n
ame o
r in
itial?
____