Forty-six per cent of consumers in the Lower Mainland think this spring is a good time to buy a home, according to a recent REW.ca consumer confidence survey done by Mustel Research Group. However, 42 per cent of consumers disagree, the survey discovered.
A combination of record-low mortgage rates and record-high home prices has skewed the traditional active spring market, leaving local consumers split on where the market is heading.
Of those who don't think it is a good time to buy, nearly half cite high home prices and 17 per cent expect prices to correct downward in the months ahead.
Meanwhile, a 56 per cent majority of respondents believe now is a good time to sell a house or condo in the Metro market. Of this group, 18 per cent point to high prices as the reason to sell this spring, and 17 per cent believe there will be a market correction that will result in dropping prices.
Consumer uncertainty is reflected in this year's sales figures: housing sales are below the 10-year average for the first quarter in both Greater Vancouver and the Fraser Valley.
from Western Investor May 2012
