B.C. House-Hunters Have Hit Pause. Here's Why.
Amid economic uncertainty and sky-high home prices, more than half (55%) of B.C. residents surveyed by RBC for its new homeownership poll reckon it makes better sense to wait until next year to buy. The average price for a residential property in the province in May was $632,182, up 12% over 2014 (in greater Vancouver the average price was $905k). While the housing market has given some prospective homebuyers "reason to pause,” noted RBC VP Inde Sumal, there’s also been a “solid jump” in the purchasing intent of those surveyed, with one in four saying they expect to purchase a home in the next two years, up 5% from last year.