Spring time is coming up roses for the Lower Mainland's real estate market.
That's according to the Real Estate Weekly web site (REW.ca) which reported that for the first time in a year, consumer confidence is on the rise when it comes to buying homes, with a slight majority of consumers thinking this spring is the time to buy.
Meanwhile, on the selling side of the equation, the mood is not as optimistic.
The survey, sponsored by REW.ca and conducted by Mustel Research Group, reports that 63 per cent of those polled feel it is not a good time to sell, sliding even further from last fall's mark of 58 per cent.
"We conduct these surveys every six months as a temperature check on how consumers are feeling about the real estate market in the Lower Mainland," said Ian Martin, general manager, REW.ca.
"Our findings this spring indicate that the tide is turning when it comes to perceptions towards buying homes, and, for the first time in a year, more Lower Mainland residents feel now is the time to buy - people want to get in before the market starts going up again. But, understandably, as confidence in buying waxes, sentiment towards selling wanes." The survey also asked a "million dollar" question.
If you had exactly a million dollars to buy your only residence in the Lower Mainland, what type of home would you buy? And where?
The results reveal locals would rather spend their seven figures on a large suburban house rather than a luxury condo in a city centre. Vancouver, Langley, and Burnaby were the top three cities to spend that $1 million.
