{"id":5515,"date":"2017-04-13T10:10:56","date_gmt":"2017-04-13T17:10:56","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5515"},"modified":"2017-04-11T17:47:16","modified_gmt":"2017-04-12T00:47:16","slug":"high-price-of-buying-another-house-keeping-many-bc-homeowners-from-selling-current-homes","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/04\/high-price-of-buying-another-house-keeping-many-bc-homeowners-from-selling-current-homes\/","title":{"rendered":"High Price of Buying Another House Keeping Many BC Homeowners From Selling Current Homes"},"content":{"rendered":"<p style=\"text-align: justify;\">More than half (52%) of British Columbian homeowners say they are reluctant to sell their current homes because of the high cost of buying a new residence, according to a new CIBC poll.<\/p>\n<p style=\"text-align: justify;\">47% of all homeowners in BC say that when they do sell, they are planning to cash in and sell in order to reap a profit. Nationwide, this figure dips to 41%.<\/p>\n<p style=\"text-align: justify;\">\u201cIn today\u2019s market, homeowners are facing a conundrum as to whether to buy, sell or stay put,\u201d said CIBC vice-president David Nicholson. \u201cBuying or selling your home is one of the biggest decisions you will make.\u201d<\/p>\n<p style=\"text-align: justify;\">The top three reasons British Columbians give for selling their homes are to cash out before home prices fall (24%), to invest in another home (23%) and to fund their retirements (19%).<\/p>\n<p style=\"text-align: justify;\">24% of BC homeowners plan to sell within the next five year, and 28% say they expect to sell in the next 5-10 years. More than a quarter of those surveyed say they never plan to sell their homes.<\/p>\n<p style=\"text-align: justify;\">The poll found 56% of British Columbians (54% of Canadians) expect house prices to continue to rise in the next five years, while 41% (40% of Canadians) say they expect housing prices to fall.<\/p>\n<p style=\"text-align: justify;\">Four in 10 homeowners in the province who are planning to sell worry that government tax and policy changes, including new federal mortgage rules and the foreign-buyer tax, will lead to a decrease in house prices. 22% of those polled said they thing renting is a better option than owning, due to high house prices.<\/p>\n<p style=\"text-align: justify;\">The survey found that 60% of British Columbians (62% of Canadians) own their own homes, while 32% (31% nationally) rent. Eight per cent (7% of Canadians) live with their parents, including 19% of those aged 18-34.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/4\/high-price-buying-another-house-keeping-many-bc-ho\/\" target=\"_blank\">High Price of Buying Another House Keeping Many BC Homeowners From Selling Current Homes<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than half (52%) of British Columbian homeowners say they are reluctant to sell their current homes because of the high cost of buying a new residence, according to a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/04\/high-price-of-buying-another-house-keeping-many-bc-homeowners-from-selling-current-homes\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-5515","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>High Price of Buying Another House Keeping Many BC Homeowners From Selling Current Homes &#8226; 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