The Future of B.C. Housing

FUTURE OF  
B.C. HOUSING REPORT
A study of buyer and renter sentiment in British Columbia

Resonance Consultancy is a global
advisor on real estate, tourism and
economic development for leading
developers, destinations and cities
around the world.
R E S O N A N C E C O . C O M

Background & Objectives
• Given the recent volatility of the housing market across British Columbia, Resonance Consultancy
was interested in conducting market research with BC residents.
• The key objectives of the research were to better understand British Columbians’ housing attitudes
and preferences as well as their perceptions of the BC housing market.

4
• Insights West conducted an online survey with 1,714 residents across BC. An overall sample
of this size is considered accurate within +/-2.4%, 19 times out of 20.
 
 
 
 
 
 
 
 
 
• All interviews were conducted between October 13-21, 2016.
• The data was weighted by age, gender and region according to Census Canada data.
Region Sample Size
Greater/Metro Vancouver 603
Vancouver Island 352
Interior/Okanagan 356
Kootenays 202
Northern BC 201
Methodology

A PROVINCE ONTHE MOVE

Most British Columbians currently
live in a suburban community or
downtown/near downtown,which are
also the two most desired locations.

7
Base: All respondents (Total n=1,714)
Q14. Which of the following best describes the location where you currently live?  
Q15. Which of the following best describes the ideal location where you would like to live?
CURRENT LOCATIONTYPE DESIRED LOCATIONTYPE
Suburban community Suburban community
Downtown/near
downtown
Downtown/near
downtown
Small town Small town
Rural area Rural area
Resort area Resort area 3%
13%
17%
32%
34%
1%
8%
13%
34%
44%
CURRENTAND PREFERRED LOCATIONTYPE

Millennials’ location preference is
equally divided between urban and
suburban locations.

9
Base: All respondents
Q15. Which of the following best describes the ideal location where you would like to live?
TOTAL AGE
(n=1,714)
Millennials 
(n=249)
Gen X 
(n=594)
Boomers+ 
(n=871)
Suburban community 34% 40% 34% 29%
Downtown/near downtown 32% 41% 32% 26%
Small town 17% 9% 16% 24%
Rural area 13% 9% 13% 16%
Resort area 3% 1% 4% 4%
Statistically significantly higher than comparison group(s).
DESIRED LOCATIONTYPE

Vancouver is viewed to be the most
desirable city in Metro Vancouver,
followed by Burnaby in a distant 2nd

AGE
Millennials 
(n=202)
Middle Aged 
(n=371)
Seniors 
(n=348)
Vancouver 72% 60% 41%
Burnaby 37% 25% 17%
North Vancouver 28% 27% 14%
West Vancouver 19% 22% 18%
White Rock 14% 17% 30%
New Westminster 12% 9% 9%
Richmond 16% 6% 9%
Langley 11% 9% 11%
Coquitlam 10% 7% 8%
Surrey 9% 5% 8%
Tsawwassen 3% 5% 12%
Bowen Island 4% 8% 5%
Port Moody 5% 7% 4%
Delta 3% 4% 7%
Maple Ridge 4% 5% 4%
Abbotsford 4% 3% 6%
Port Coquitlam 3% 5% 4%
11
*Small base size, interpret with caution. 
Base: Would most like to/consider living in Metro Vancouver (n=921)
Q29. Which parts of Greater/Metro Vancouver would you most like to live in?
MOST DESIRABLE METROVANCOUVER COMMUNITIES
4%
4%
4%
5%
5%
6%
6%
7%
8%
10%
10%
10%
20%
20%
24%
27%
58%

More than 4-in-10 home owners  
and 7-in-10 renters are planning  
to buy/rent a diﬀerent home in the  
next 5 years.

Among those likely to move in the
next 5 years, three-quarters are
likely to stay in the same city/region,
with Vancouver Island residents
being the most likely to stay in the
same city/region.

Among the 1-in-4 residents who  
plan to move to a diﬀerent region,
one-quarter are most likely to move  
to Metro Vancouver, while another
quarter are likely to move outside BC.

Greater/Metro Vancouver
Kelowna and Thompson-Okanagan
Victoria, Vancouver Island South, & Gulf Islands
Nanaimo and Vancouver Island North
Cranbrook, Kootenays and Rockies
Sunshine Coast
Prince Rupert, Prince George, and Northern BC
Squamish-Whistler-Pemberton
Somewhere outside BC
15
Base: Likely to move to different region in next 5 years (n=182)
Q19b. Which B.C. region are you most likely to move to?
27%
1%
2%
4%
6%
10%
11%
13%
25%
FUTURE REGION MOST LIKELYTO MOVETO

1 IN 3 HOMEOWNERS IN METROVANCOUVERARE CONSIDERING SELLINGTHEIR HOMETO
MOVETO MOREAFFORDABLE MARKETS
Total Metro Vancouver Residents
Millennials (age 18 to 34)
Gen-X (age 35 to 54)
Boomers (age 55+)
1616
28%
40%
35%
34%

17
VANCOUVER’S INCOME GAP
$10K
$30K
$50K
$20K
$40K
$60K
$70K
$62,202
$60,091
$54,391
$53,905
$52,229
$50,456
$48,142
$47,267
$41,981
$64,352
Toronto HamiltonCalgary Edmonton MontrealOttawa Quebec CityWaterloo Winnipeg Vancouver
Source: Statistics Canada 2011 National Household Survey
2011 Media total incomes for 25-55 year olds with bachelor degrees

PREFERRED PRODUCTS

Single family homes are the top
property types currently owned,
while vacation homes and single
family homes are the most desired
property types.

20
Base: All respondents (Total n=1,714)
Q6. Which of the following types of housing do you rent now, own now, are considering  
purchasing, are considering renting, would like to own one day, or would like to rent one day?
RENT OWN
Single family home Single family home
Apartment/condominium Apartment/condominium
Vacation home Vacation home
Duplex/townhome/rowhouse Duplex/townhome/rowhouse
Retirement housing Retirement housing
Mobile home Mobile home 8%
18%
31%
34%
38%
74%
3%
15%
12%
26%
10%
23%
2%
2%
10%
4%
11%
8%
3%
1%
9%
4%
17%
43%
3%
10%
9%
7%
22%
12%
1%
1%
4%
1%
15%
8%
Own now Considering purchasing Would like to ownRent now Considering renting Would like to rent
PROPERTYTYPE

Cost of housing is the most important
feature when deciding to purchase/
rent a new home, followed by private
outdoor space.

22
Base: All respondents (n=1,714)
Q30. On a scale of 1-10, how important are each of the following features in your decision to purchase or rent a new home?
Cost of housing
Private outdoor space
Number of bedrooms
Overall square footage/size
Storage space
Walking distance to shopping/dining/entertainment
Garage/indoor parking
Pet friendly
Reputation of developer/building management
Access to public transit
Proximity to work
Sustainability/energy efficiency ratings
Design/interior design 42%
44%
46%
46%
47%
48%
49%
49%
51%
52%
55%
65%
80%
21%
21%
18%
16%
19%
13%
18%
20%
24%
23%
24%
18%
16%
12%
14%
14%
13%
13%
10%
14%
14%
14%
15%
15%
19%
20%
9%
10%
14%
17%
15%
25%
17%
15%
13%
15%
16%
27%
44%
10 – Extremely important 9 8
MOST IMPORTANT HOME FEATURES

Age of home/building
Guestrooms for friends/family
Air-conditioning
Gourmet kitchen
Proximity to good schools
Access to fitness facilities
Formal dining room
In-law/rental suite
Access to swimming pool
Proximity to good child care
Community room/clubhouse
Electric car charging station
23
Q30. On a scale of 1-10, how important are each of the following features in your decision to purchase or rent a new home?
9%
10%
11%
13%
14%
14%
22%
22%
28%
29%
36%
41%
5%
5%
5%
7%
7%
8%
10%
10%
14%
13%
15%
21%
2%
2%
3%
3%
3%
4%
6%
6%
9%
8%
11%
10%
2%
3%
2%
3%
4%
2%
5%
6%
5%
9%
10%
10%
10 – Extremely important 9 8
LESS IMPORTANT HOME FEATURES

For Millennials, cost of housing,
proximity to work and access to
transit are most important.

For Gen-X, cost of housing, private
outdoor space and number of
bedrooms are most important.

For Boomers, cost of housing, private
outdoor space and garages/indoor
parking are most important.

27
Q30. On a scale of 1-10, how important are each of the following  
features in your decision to purchase or rent a new home?
TOTAL AGE
% Important (10 – Extremely Important, 9, 8) (n=1,714)
Millennials 
(n=249)
Gen X 
(n=594)
Boomers+ (n=871)
Cost of housing 80% 83% 82% 75%
Private outdoor space 65% 50% 71% 69%
Number of bedrooms 55% 54% 59% 53%
Overall square footage/size 52% 54% 54% 50%
Storage space 51% 43% 53% 54%
Walking distance to shopping/dining/entertainment 49% 49% 44% 53%
Garage/indoor parking 49% 39% 48% 56%
Pet friendly 48% 52% 50% 43%
Reputation of developer/building management 47% 35% 48% 54%
Access to public transit 46% 55% 43% 43%
Proximity to work 46% 63% 58% 21%
Sustainability/energy efficiency ratings 44% 40% 43% 48%
Design/interior design 42% 37% 41% 47%

Asians are less concerned with private
outdoor space and pet friendliness, but
more concerned with access to public
transit, number of bedrooms, proximity
to work, overall size, garage and walking
distance to entertainment.

29
Q30. On a scale of 1-10, how important are each of the following  
features in your decision to purchase or rent a new home?
TOTAL ETHNICITY
% Important (10 – Extremely Important, 9, 8)
(n=1,714)
Caucasian  
(n=614)
Asian 
(n=138)
Cost of housing 80% 80% 82%
Private outdoor space 65% 68% 44%
Number of bedrooms 55% 54% 63%
Overall square footage/size 52% 49% 60%
Storage space 51% 52% 47%
Walking distance to shopping/dining/entertainment 49% 47% 59%
Garage/indoor parking 49% 47% 60%
Pet friendly 48% 51% 35%
Reputation of developer/building management 47% 46% 52%
Access to public transit 46% 42% 69%
Proximity to work 46% 43% 63%
Sustainability/energy efficiency ratings 44% 43% 48%
Design/interior design 42% 41% 47%

Most future home buyers prefer  
to have 2 or 3 bedrooms in their  
future home.

AGE REGION
Millennials 
(n=175)
Gen X (n=308)
Boomers+ 
(n=299)
Metro  
Van. 
(n=317)
Studio/Loft 4% 2% 2% 4%
One 18% 7% 9% 13%
Two 34% 34% 51% 38%
Three 30% 38% 32% 31%
Four 12% 15% 3% 11%
Five or more 3% 4% 1% 3%
31
Base: Likely to move in next 5 years (n=782)
Q22. How many bedrooms would you like to have in your next home?
3%
11%
33%
38%
12%
3%
NUMBER OF BEDROOMS IN FUTURE HOME

AGE REGION
Millennials 
(n=175)
Gen X (n=308)
Boomers+ 
(n=299)
Metro  
Van. 
(n=317)
500 square feet or less 10% 3% 3% 4%
501-1,000 square feet 37% 26% 36% 35%
1,001-1,500 square feet 30% 37% 38% 34%
1,501-2,000 square feet 17% 22% 17% 18%
More than 2,000 square feet 6% 12% 6% 9%
32
Base: Likely to move in next 5 years (n=782)
Q23. What is the minimum size you would consider for your next home?
8%
19%
35%
33%
6%
MINIMUM SQUARE FOOTAGE OF FUTURE HOME

HOUSING COMPROMISES

The top 2 housing compromises BC
residents are willing to consider are
living in a smaller home to be closer
to transit, shops and and restaurants
and living in a smaller home to be
closer to work.

35
Q32. When choosing a new home to live in would you:
Consider living in a smaller home in order to be  
closer to transit, shops and restaurants
Consider living in a smaller home in order to be  
closer to your place of work
Accept a community park as a substitute to a personal yard in
order to live closer to work/transit/shops/restaurants
Consider living in a high-rise (8+ storey) building 
for a reduction in property taxes
Consider living in a laneway home/ground-level/  
basement apartment to reduce housing costs
Give up a parking space for reduced purchase price/rent
Consider renting out all or part of your home on a  
short-term basis through a service like Airbnb  
to help offset your living costs
Accept two children sharing a bedroom to live 
in an urban or walkable community
None of the above 26%
17%
21%
23%
26%
34%
35%
42%
46%
HOUSING COMPROMISES

36Base: All respondents (n=1,714)
Q32. When choosing a new home to live in would you: Statistically significantly higher than comparison group(s).
TOTAL AGE REGION
(n=1,714)
Millennials 
(n=249) Gen X (n=591)
Boomers+
(n=869)
Metro  
Van. 
(n=603)
Consider living in a smaller home in order to be closer to transit,
shops and restaurants
46% 54% 43% 44% 50%
Consider living in a smaller home in order to be closer to your
place of work
42% 60% 50% 19% 47%
Accept a community park as a substitute to a personal yard in
order to live closer to work, transit, shops and restaurants
35% 44% 35% 28% 39%
Consider living in a high-rise (8+ storey) building for a reduction
in property taxes
34% 49% 31% 26% 40%
Consider living in a laneway home/ground-level/ basement
apartment to reduce housing costs
26% 30% 23% 25% 28%
Give up a parking space for reduced purchase price/rent 23% 35% 24% 12% 25%
Consider renting out all or part of your home on a short-term
basis through a service like Airbnb to help offset your living costs
21% 25% 24% 14% 22%
Accept two children sharing a bedroom to live in an urban or
walkable community
17% 29% 19% 6% 19%
None of the above 26% 15% 23% 37% 22%

BC residents are most likely to feel
that taxing foreign investment and
limiting foreign investment in the
housing market are sustainable
solutions to address the current
aﬀordability issue in BC.

38
Q39. What do you think would be a more sustainable solution in order to
address the current housing affordability issue in BC?
TOTAL AGE REGION
(n=1,714)
Millennials 
(n=249)
Gen X  
(n=594)
Boomers+ 
(n=871)
Metro  
Van. 
(n=603)
Tax foreign investment in the housing market 70% 70% 69% 70% 71%
Limit foreign investment in the housing market 67% 71% 67% 65% 70%
Invest in more amenities and infrastructure in suburban areas to
create new economic centres outside downtown
47% 45% 45% 51% 51%
Increase the housing supply by fast tracking approvals of new  
rental buildings
45% 41% 42% 53% 48%
Revise zoning in suburban areas to permit development of more
multi-family housing
44% 44% 40% 48% 46%
Increase property taxes on single family homes to encourage higher  
density development
10% 15% 11% 4% 13%
POTENTIAL SOLUTIONS FORADDRESSING HOUSINGAFFORDABILITY IN BC

THANK-YOU!
Chris Fair
cfair@ResonanceCo.com
+1-646-413-8887

The Future of B.C. Housing

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