Three Highlights from Public Polling on BC’s Hot Market

In April’s episode of Open House by BCREA, our monthly podcast for REALTORS^®, host Tony Joe and his guest, Research Co. president Mario Canseco, discussed the results of a recent public opinion survey which asked British Columbians about their thoughts on the current hot housing market.

Their conversation – like the poll itself – covers topics ranging from the reasons behind the historically busy market to Realtor practice, and government intervention.

Here are three highlights from the conversation:

1. Reasons for the hot market

What do British Columbians believe is the main cause of the hot market? Well, 43 per cent, or more than two in five British Columbians, believe that historically low interest rates are at fault. Twenty-nine percent believe the COVID-19 pandemic is the main factor, 18 per cent feel it’s the low supply and only 10 per cent of respondents believe the behaviour of Realtors is the main cause of the market conditions.

2. Consensus on transparency in real estate

As a result of the current hot market conditions, sellers might expect to receive multiple offers on a listing. When it comes to the offer process, 79% of respondents said it is a good idea to have transparency when there are multiple offers. “It is the one thing that is widely supported”, said Canseco.

3. Potential solutions to enter the hot market

While sellers may be enjoying benefits, the state of the current market might be discouraging for buyers. When asked about potential interventions to cool the market, there was a lack of support for raising interest rates. Sixty-five per cent of respondents believe that interest rates should remain low.

There is, however, support for increasing housing supply. As Joe stated, “consumers understand supply is limited and having more supply is a good thing.”

To hear more from host Tony Joe and Research Co. president Mario Canseco about the results of the public opinion survey listen to the full episode here.

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