Most young families in Vancouver’s property market remain confident their property values will do as well or better than other investments, despite a recent slowdown in the market, according to a new survey commissioned by a property firm.
In total, 79 per cent of Vancouver respondents to the Mustel Group survey of urban residents, ages 20 to 45, reported they “believe that financial gains on their home will outperform or be on par with financial investments over the next five years.”
“I think that (expectation) is based on how much Vancouver real estate has appreciated,” said Brad Henderson, CEO of Sotheby’s International Realty Canada, the firm that commissioned the survey.
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Sotheby’s commissioned the research to generate insight into the property preferences of those between the ages of 20 and 45, so-called Millennials and younger Gen-Xers, which Henderson said generated some surprising results around their attitudes toward condominium living.
“Even if (property values) are giving back a little now in certain areas, the overall feeling is that (they are) confident markets will continue to perform well over the long haul,” Henderson said.