A nationwide survey, conducted by CENTURY 21 Canada, reveals that two-thirds of their real estate agents feels their clients are concerned about real estate market conditions in their communities.
CENTURY 21 Canada invited over 1,000 of its real estate agents from coast-to-coast to answer the survey between April and May, 2019.
As of June 3, 1,023 had responded – 41 per cent of those from Ontario; 16 per cent from B.C.; 33 per cent from Alberta, Saskatchewan, and Manitoba; and 10 per cent from Atlantic Canada and Québec.
According to CENTURY 21 Canada’s survey, buyers are more optimistic than sellers, with 57.7 per cent of agents reporting their clients buying property are excited or calm, and 28.8 per cent are concerned about prices or taxes.
The survey further reports 38.6 per cent of sellers are excited or calm and 38.7 per cent have concerns regarding prices or taxes.
Nationally, CENTURY 21 Canada says 18.1 per cent of agents have mentioned their clients are “very concerned” about market conditions in their community, while 50.2 per cent are “somewhat concerned”.
Another 16 per cent are “neutral,” 14 per cent “optimistic” and only 1.6 per cent “excited,” according to the report.
Agents in the Prairies report 24.2 per cent of their clients are ‘very concerned’ and 52.8 per cent are “somewhat concerned”.
In Atlantic Canada the survey suggests that citizens are more confident, with fewer than eight per cent reported clients are “very concerned,” and 38.2 per cent “somewhat concerned”.
Approximately two-thirds of agents say clients are adjusting their expectations “a lot” or “a fair amount” due to external forces such as interest rates, stress tests, new taxes, and unique market conditions.
“These results are consistent with what Canadians are hearing from other sources about how the market has been faring over the last year, with some important insights that can be drawn from real estate agents working with clients in communities across Canada,” said Brian Rushton, Executive Vice-President of CENTURY 21 Canada. “The regional differences in the data are striking, and we also heard some interesting anecdotes from agents. For example, some neighbourhoods in Ottawa and Regina are bucking the trend and are hot sellers markets, as are some suburbs of metropolitan centres like Vancouver as people are moving farther out from the core.”
Rushton further states that the survey highlights real estate as a good investment when purchasing a home to live in for the long term.
“Markets are soft in many communities right now, but we’ve seen that before and it is certainly not consistent across the country. It is important in such a tumultuous market to get good advice and know the local market,” said Rushton.