News: Vancouver Real Estate Market

Survey Highlights:

• 40% of boomer homeowners have at least half of their net wealth in real estate
• 52% of boomer homeowners would prefer to renovate their current property over moving
• 17% of boomer homeowners currently own more than one property
• 64% of boomer homeowners are mortgage-free
• 25% of boomers say they have or would assist a child financially to buy a home

TORONTO, June 30, 2021 – According to a recent Royal LePage survey of boomers in Canada, defined by StatsCan as having been born...

Highlights:

• 75% of first-time homebuyers in Toronto and 69% in Vancouver reported feeling worried that they would not have a large enough down payment to purchase a home (68% and 58% in 2019, respectively)
• In Montreal, 63% of survey respondents felt worried about the size of their down payment before purchasing their first home, in line with the national average of 62%
• First-time homebuyers in all regions, with the exception of Alberta and the Prairies, reported higher rates of anxiety compared to...

Royal LePage Survey: Nearly half of Canadians aged 25 to 35 own their home; one quarter of these homeowners have purchased a property since the onset of the COVID-19 pandemic

52% say remote work has increased likelihood of moving further from employer

Highlights:

• 68% of non-homeowners aged 25 to 35 intend to purchase a home within five years
• 72% of cohort feels confident in their short-term financial outlook
• 40% of cohort saw their savings grow since mid-March
• Royal LePage survey includes national,...

• Price of detached homes continue to outpace condominiums as Canadians trade location for square footage
• Despite strong push toward the suburbs, Toronto and Montreal single-family homes see double-digit price gains in city centres
• Median price of a two-storey home in Greater Vancouver rises 8.8% as buyers prioritize square footage
• Out-of-region buyers spur Maritimes’ home prices, as option of remote work and demand for large, affordable properties grows
• Aggregate...

The Royal LePage 2019 Newcomer Survey, shows that Canadian newcomers are heading to make 680,000 home purcahses over the next five years. British Columbia is the third most popular destination for international migration.

There is a 32% homeownership rate in Greater Vancouver. “Greater Vancouver is one of the most desirable places in the world to live and we attract newcomers who are optimistic about what the city has to offer in terms of both lifestyle and employment,” said Randy Ryalls,...