More than a quarter of B.C. homeowners plan to sell their homes in the next few years

A recent Insights West survey found that 73 per cent of B.C. residents are expecting housing prices to continue to rise over the next five years.

Out of the 62 per cent of B.C. residents who own their own homes, 29 per cent expect to sell and relocate either to a cheaper area of B.C. or to another country.

“The relentless climb of real estate prices in B.C. and in Metro Vancouver in particular has resulted in many homeowners weighing their options for cashing out,” Steve Mossop, president of Insights West, said in a news release. “The option to downsize or move to a different location in B.C. in order to take advantage of the equity in their existing home has many weighing the alternatives.”

READ MORE: Housing sales in Kamloops, Okanagan drop off as supply dries up

Insights West, a marketing research firm based in Western Canada, conducted the online survey from June 23 to 27 amongst 808 members of its feedback community that respond regularly to such surveys.

In the next two years, eight per cent of homeowners think they will sell out and travel, six per cent expect to retire and six per cent would switch to renting.

Ten per cent are thinking of selling and downsizing.

As for renters, 26 per cent are considering buying a home in the next two years.

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