More than 4 in 10 homeowners and 7 in 10 renters are planning to move home in the next five years, a study by Resonance Consultancy discovered, a total of 51 per cent of BC residents.
Most do not plan to move far though; three quarters plan to stay in the same city/region while 27 per cent (the single largest group) are intending to leave the province altogether.
“Despite concerns about the affordability of housing in Greater Vancouver, it remains the most popular and desirable place in the province to live,” says Resonance Consultancy President, Chris Fair. “However, it’s concerning to see that for those considering moving to a different region, the most popular choice is to leave the province all together.”
Metro Vancouver is the top region of BC that most respondents (25 per cent) are intending to move to, followed by Kelowna and Thompson-Okanagan (13 per cent), Victoria, Vancouver Island South and Gulf Islands (11 per cent), and Nanaimo and Vancouver Island North (10 per cent).
The study also revealed that housing affordability remains the top concern of BC residents and most believe that foreign buyers/investors has led to higher prices where they live.
On measures to tackle the affordability issue, most are in favour of taxes and limits on foreign ownership; almost half support fast-tracking approvals of new rental buildings and changing rezoning to allow more multi-family housing developments.
More market update:
Real estate activity should remain buoyant in British Columbia over the next few years if residents’ intentions to move are realized; but it could mean a large number leaving the province altogether.