Vancouver, BC – According to the recently released Ipsos Reid BC
Home Buyers report, four-in-ten (42%) British Columbians expect housing prices to be lower
in twelve months, down from 57% in November. Overall, British Columbians are forecasting a
3.0 percent average drop in home prices in their community, an improvement from the end of
2008 when a 6.7 percent decline was projected. Three-in-ten (32%) predict prices will remain
the same while two-in-ten (20%) predict prices will be higher.
- Residents of the Lower Mainland foresee an average decrease of 2.3 percent while those
in the rest of BC expect a decrease of 3.8 percent.
Market conditions continue to improve for buyers. Seven-in-ten (71%) of British
Columbians say it's a good ("very good" or "somewhat good") time to buy a home, up from
60% in November of 2008. Conversely, eight-in-ten (82%) say it's not a good time to sell a
According to Hanson Lok, Senior Research Manager for Ipsos Reid in Vancouver, "British
Columbians expect prices to keep falling in 2009 but most don't see the trend continuing in
There seems to be a growing number of home buyers who are sitting on the sidelines, as
three-in-ten (32%) of British Columbians say they are considering the purchase of a home in
the next two years. This is up from two-in-ten (20%) at the end of 2008.
Hanson Lok adds, "The lowest mortgage rates since 2005 and declining prices have
brought out more potential buyers since the end of last year. Many are still concerned about
the volatility of prices and the economic recession, so they will wait six months or more before
acting. They do however, recognize that market conditions throughout this year will benefit the
We are seeing a greater number of first time home buyers in particular, looking to take
advantage of more affordable homes, incentives from the government and lower costs of
First-time home buyers now comprise nearly four-in-ten (38%) of prospective buyers, up
significantly from 17% in November.
Look for more results about Home Buyers in Ipsos Reid's BC Home Buyers Report with a
special feature on First Time Home Buyers. This comprehensive report is aimed to profile,
track and measure the attitudes of recent and upcoming homes buyers in the province, twice a
year. Metrics include home purchase criteria/motivators, economic outlook/confidence,
demographic and psychographic profiling as well as mortgage measures.
The results of this poll are based on a sample where quota sampling and weighting
are employed to balance demographics to ensure that the sample's composition reflects that
of the actual BC population according to Census data. Quota samples with weighting from the
Ipsos online panel provide results that are intended to approximate a probability sample.
Statistical margins of error are not applicable to online polls because they are based on
samples drawn from opt-in online panels, not on random samples that mirror the population
within a statistical probability ratio. All sample surveys and polls may be subject to other
sources of error, including, but not limited to coverage error, and measurement error.
However, an unweighted probability sample of this size, with a 100% response rate, would
have an estimated margin of error of +/-1.5 percentage points, 19 times out of 20, had the
entire adult population in British Columbia been surveyed.
For more information on this news release, please contact:
Senior Research Manager
About Ipsos Reid
Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public
opinion research, and research partner for loyalty and forecasting and modelling insights. With
operations in eight cities, Ipsos Reid employs more than 600 research professionals and
support staff in Canada. The company has the biggest network of telephone call centres in the
country, as well as the largest pre-recruited household and online panels. Ipsos Reid's
marketing research and public affairs practices offer the premier suite of research vehicles in
Canada, all of which provide clients with actionable and relevant information. Staffed with
seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid
offers syndicated information or custom solutions across key sectors of the Canadian
economy, including consumer packaged goods, financial services, automotive, retail, health
and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global
survey-based market research group.
To learn more, visit www.ipsos.ca.
About Ipsos in North America
Ipsos is one of the fastest growing market research companies in the U.S., market leader
in Canada, and among the most trusted research brands in North America. With more than
1,500 professionals and support staff in the U.S. and Canada, Ipsos offers a suite of survey-
based services—guided by industry experts and bolstered by advanced analytics and
methodologies—in advertising, customer loyalty, marketing, media and public affairs research,
as well as forecasting, modeling, and consulting. Ipsos companies offer a complete line of
custom, syndicated, omnibus, panel, and online research products and services.
In 2007, Ipsos generated 927.2 million euros ($1.27 billion U.S.) in total revenues, of
which 31% came from its North American operations. The Paris-based company was founded
in 1975 and has been listed on the Paris Stock Exchange since 1999.
Visit www.ipsos-na.com to learn
more about Ipsos' offerings and capabilities.