Many BC homeowners are thinking about selling their homes to take advantage of lower property costs elsewhere.
That’s according to an Insights West poll, where nearly three-quarters of respondents believe house prices and interest rates will rise in the next two years.
In addition, 17% of homeowners are thinking of selling in the next two years.
Bob Quinlan with RE/MAX Core Realty spoke with MyPGNow.com.
“I tend to agree with everybody that interest rates are going to go up. But, low-interest rates are what is driving this market, and as interest rates go up people can borrow less and afford less so price increases will also be a little bit less.”
“We are starting to see more homes come on the market and sellers who are swinging for the fences with high prices.”
The poll also states 29% of BC homeowners polled are looking to downsize, cash out, or move to a cheaper location in the next five years.
Quinlan noted we’re already seeing this trend in the northern capital.
“Baby boomers who are possibly downsizing, moving to easier living homes and we are also seeing people who are relocating to Prince George because of the possibility of employment and the cost is less.”
“We are becoming a greater diverse type of city. I have to agree with these numbers overall – when you total up the numbers overall, it looks like about 40 or 45% are thinking and moving in the next couple of years and if you add to that in the next year, there is probably going to be about 10 or 15% that are going to have to move. Those are healthy numbers.”