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.

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