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REW.ca Real Estate Consumer Survey

Q4 2011

Real Estate Consumer Survey Q4 2011

Survey findings include:

Home preferences

Willingness to compromise and on what

Ideal location

Realtor added value

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About Survey: Survey sponsored by REW.ca and

conducted by Mustel Research Group. 349 interviews completed with

residents throughout Vancouver Lower Mainland.

18 years of age or over who have bought or sold a home or property in the past three years or who plan to purchase / sell in the next three years or so.

Communities included in the survey are: Vancouver West Side, Vancouver East Side, Vancouver Downtown, Surrey, Burnaby/New Westminster, North Vancouver, Tri-Cities, Fraser Valley, Richmond, South Delta/Tsawwassen/White Rock, Langley, West Vancouver, Pitt Meadows/Maple Ridge, North Delta, Sea-to-Sky corridor (including Squamish, Whistler, Pemberton), and Bowen Island.

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Home Preferences&

Compromises

Ideal Location

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Total(349)

%

Past Buyers/Sellers

(94)%

Future Buyers/Sellers

(299)%

Vancouver 33 42 32 West side 18 32 16 Downtown 7 6 7 East side 7 3 8Burnaby/New West 9 6 10South Delta/Tsawassen/White Rock

9 10 9

North Vancouver 9 7 9Fraser Valley 8 5 8Langley 7 3 8Tri-Cities 5 4 4West Vancouver 4 5 3Surrey 4 4 3Vancouver Island/Sunshine Coast

3 2 3

Interior 2 2 3Richmond 2 3 2Pitt Meadows/Maple Ridge 1 1 1Out of Province 1 - 1North Delta <1 1 -

Q.4) What would be your ideal location if you could afford it?

Ideal Location by Area of Residence

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Area of Residence

Vancouver (n=109)

%

North Shore (n=42)

%

Burnaby/New

Westminster (n=36)

%

Tri-Cities/Maple

Ridge/ Pitt Meadows (n=35)

%

Richmond/ South Delta/

Tsawwassen/White

Rock (n=43)

%

Surrey/North Delta/

Langley (n=59)

%

Chilliwack/ Abbotsford

(n=25)%

Stay in current municipality/area

82 81 56 52 68 59 60

Move to City of Vancouver

n/a 7 11 11 21 7 8

Move to other area 18 12 33 37 11 34 32

Q.4) What would be your ideal location if you could afford it? Breakdown of answers by current area of residence.

Most Important Factors in Selecting Neighbourhood

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Total(349)

%

Past Buyers/Selle

rs(79)%

Future Buyers/Seller

s(276)

%Close to amenities such as shops, grocery stores, medical facilities

41 41 44

Close to family/friends 33 32 32Close to work/lessened commute time 22 20 22Close to parks and green space 15 17 15Close to public transit 19 15 19Lessened or no need to use vehicle (can walk or cycle)

13 14 13

Safety/less crime 16 13 16Quality of schools 8 13 6Close to water (streams, rivers, lakes, ocean)

15 10 17

Close to schools 4 6 3Close to recreation facilities 3 3 3Close to airport 1 -- 1Other 6 11 5Q.7a) Apart from affordability, what were the 2 most important factors in selecting your neighbourhood

location? Q7b) Apart from affordability, what are the 2 most important factors in selecting your neighbourhood location?

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Type of Home Preferred

Detached rancher, one level

Detached two level

Detached three level with basement

Duplex/multiplex

Townhouse

Condo

Base: Past buyers/sellers (n=79) Future buyers/sellers (n=276)

Q.3a) What type of home did you purchase?Q.3b) If buying in the future, what type of home are you looking for?

Past Buyers/SellersPurchased

Future Buyers/SellersWant to Purchase

10%

15%

18%

3%

23%

32%

20%

22%

11%

2%

19%

26%

53%

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Two Most Important Factors in Selecting a Home

Number of bedrooms

Style of home

Size - upsizing (moving to a larger home)

Investment potential

Size - downsizing (moving to a smaller home)

Environmental/energy efficiency

Secondary suite in home

Other

Past Buyers/Sellers Future Buyers/SellersTotal

39%

43%

24%

22%

27%

21%

9%

12%

38%

37%

28%

24%

15%

13%

13%

23%

35%

44%

23%

21%

30%

23%

8%

9%

Base: Total (n=349) Past buyers/sellers (n=79) Future buyers/sellers (n=276)

Q.8a) Apart from the price, what were the two most important factors you considered in selecting your home?Q.8b) Apart from the price, what would be the two most important factors you would consider in selecting your future home?

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Maximum Commuting Time Would Accept

Past Buyers/SellersFuture Buyers/SellersTotal

Under 10 minutes

10

15

20

21-29

30

35

40

45

50

60 plus

5%

7%

8%

18%

2%

25%

3%

4%

11%

2%

13%

6%

5%

6%

16%

3%

31%

1%

5%

15%

3%

7%

5%

7%

7%

18%

3%

27%

3%

4%

12%

2%

12%

Average = 30 min Average = 30 min Average = 30 min

Average by Age:

18-34 yrs = 39 min35-54 yrs = 31 min55 yrs + = 27 min

Base: Total (n=349) Past buyers/sellers (n=94) Future buyers/sellers (n=299)

Q.5) What is the maximum commuting time you would be prepared to accept to work, school

or another destination that you travel to regularly?

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Compromises in Order to Afford Home

Past Buyers/Sellers Future Buyers/Sellers

Size of home

Distance from work

Condition of home

Lot size/size of yard

Distance from friends/family

Quality of schools

Distance from schools

Other

Did not/would not make any compromises

37%

32%

30%

22%

22%

1%

9%

15%

--

44%

24%

25%

43%

30%

23%

26%

2%

16%

Base: Past buyers/sellers (n=79) Future buyers/sellers (n=276)

Q.9a) What characteristics of your home or neighbourhood did you compromise in order to afford your home? Q.9b) What characteristics of your home or neighbourhood would you compromise in order to afford your future home?

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Other Survey Highlights

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Greatest Value Received From Realtor

Past Buyers/Sellers

Future Buyers/Sellers

Total

Help with paperwork/contracts

Placing/negotiating offers

Marketing/listing your current home

Help to identify homes best suited to your needs

Arrange open houses

Help to determine neighbourhood and communities

Other

34%

22%

18%

15%

3%

2%

4%

32%

22%

20%

10%

9%

2%

5%

34%

22%

19%

16%

2%

2%

4%

Base: Total (n=349) Past buyers/sellers (n=94) Future buyers/sellers (n=299)

Q.12) What do you think is the greatest value you receive from a Realtor?

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Used/Currently Using Realtor

Base: Past buyers/sellers (n=79) Future buyers/sellers (n=276)

Q.11a) Did you use a Realtor to buy or sell your home?Q.11b) Are you currently using a Realtor?

Past Buyers/Sellers Future Buyers/Sellers

Yes94%

No6%

Yes35%

No65%

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Perception of Home Prices in 2012

Total (n=349)

Q.10) Do you believe that prices will increase, decrease or stay about the same in 2012?

33%

40%

31%

33%

34%

28%

22%

36%

13%

17%

14%

19%

14%

8%

54%

43%

55%

47%

60%

67%

64%

56%

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6

Increase Decrease Stay about the same

Vancouver (n=109)

North Shore (n=42)

Burnaby/New Westminster (n=36)

Tri-Cities/Maple Ridge/Pitt Meadows (n=35)

Richmond/South Delta/Tsawwassen/White Rock (n=43)

Surrey/North Delta/Langley (n=59)

Fraser Valley (n=25)

Area of Residence

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Questions??

Demographic Characteristics

Total(349)

%

Past Buyers/Seller

s(94)%

Future Buyers/Sellers

(299)%

GenderMale 49 54 48Female 51 46 52Age Category18-34 16 16 1635-54 39 43 3755+ 46 42 47Home TenureOwn 79 96 77Rent 21 4 23Annual Household IncomeLess than $40,000 10 9 11$40,000 to $59,999 13 11 14$60,000 to $79,999 15 10 16$80,000 to $99,999 14 15 14$100,000 to $120,000 14 16 13$120,000 or over 17 26 15Prefer not to say 17 15 17

continued

Demographic Characteristics (cont’d)

Total(349)

%

Past Buyers/Selle

rs(94)%

Future Buyers/Selle

rs(299)

%Area of ResidenceVancouver 31 34 31 West Side 13 19 12 East Side 12 10 13 Downtown 6 5 6Surrey 11 10 11Burnaby/New West 10 7 11North Vancouver 8 9 8Tri-Cities 8 6 8Fraser Valley 7 7 7Richmond 7 10 8South Delta/Tsawwassen/White Rock

5 7 5

Langley 5 2 6West Vancouver 3 1 3Pitt Meadows/Maple Ridge 2 2 2North Delta 1 2 1Sea-to-Sky corridor 1 1 <1Bowen Island 1 1 <1