Cowichan Valley Sub - Area Information from Questionnaire Survey

Transcription

1 Cowichan Valley Sub - Area Information from Questionnaire Survey Buyer Origin For Buyers of residential property, the primary Buyer origin for the Cowichan Valley sub-area (determined from 233 responses) was Within the same area (30%), followed by Elsewhere on Vancouver Island (18%), and Alberta (10%). When aggregated, Buyers originating from within B.C. totalled 73.7% of the respondents, and those coming from Vancouver Island totalled 58.7%. Buyer Origin Moved from? Count % Within same area 71 30% Elsewhere on Vancouver Island 43 18% Alberta 24 10% Victoria 22 9% Other B.C. 17 7% Vancouver 12 5% Sask./Manitoba 11 5% Ontario 9 4% Other Canada 9 4% Fraser Valley 7 3% Rest of World 4 1.7% Gulf Islands 4 1.7% % Buyer Origin

2 Major Reason for Purchase The major reason for residential property purchase in the Cowichan Valley sub-area was for Principal Residence with 98% of survey respondents choosing this option. The next highest category was Other at 1.3%. Major Reason for Purchase Reason for Purchase Count % Principal Residence % Other: Please Specify 3 1.3% Recreation/Vacation 1 0.4% Investment/Rental 0 0% % Major Reason for Purchase

3 Time Resident in Community Prior to Purchase For the Cowichan Valley sub-area, the Less than one year category includes all survey responses of zero to less than one year and totalled 57%. The second highest frequency was 14%, for the More than 20 Years category, showing that most Buyers are either new to the sub-area or that, after at least 20 years of residence, a higher percentage of Buyers will purchase again within the same subarea. Years in the Community Length of time in community Count % Less than one year % 1 to 2 6 3% 3 to % 6 to % 11 to % 16 to % More than 20 years 28 14% % Years in the Community

4 First-Time Purchase of Principal Residence (Yes or No) First-time Buyers accounted for 15% of purchases made in the Cowichan Valley sub-area. First-Time Purchase of Principal Residence First Home? Count % Yes 34 15% No % % First-Time Purchase of Principal Residence

5 Used RRSP for down payment (Yes or No) The frequency of First-time Buyers using RRSP s for a down payment in the Cowichan Valley subarea was 11%, signifying that the majority of the people within the Cowichan Valley sub-area do not use RRSP s for their down payment. Used RRSP for Down Payment Used RRSP for down payment Count % Yes 13 11% No % % Used RRSP for Down Payment

6 Purchased as Retirement Home (Yes or No) The proportion of those buying their home for retirement purposes was 50.4%. Purchased as a Retirement Home Retirement Home Count % Yes % No % % Purchased as a Retirement Home

7 How Buyers First Became Aware of Property The top three ways that Buyers became aware of the property were Internet- REALTOR.ca site (34%), Introduced by a REALTOR (28%), and For Sale Sign (11%). As a matter of interest, the Internet choices totalled 40% when added together, making Internet Search the highest frequency choice for this category. How Buyers First Became Aware of Property How Buyers First Became Aware of Property Count % Internet REALTOR.ca site 79 34% Introduced by a REALTOR 66 28% For Sale sign 26 11% Relative or friend 20 9% MLS Catalogue 17 7% Internet other than REALTOR.ca site 14 6% Newspaper advertisement: Real Estate Tabloid 8 3% Open House 2 1% Other: Please Specify 1 0.4% Newspaper advertisement: Classified Ad 1 0.4% T.V. channel 0 0% % How Buyers First Became Aware of Property

8 How Buyers First Chose a REALTOR The top three ways that Buyers chose their REALTOR were Recommended by family or friend (24%), followed by Found REALTOR on the Internet (13%), and REALTOR is a customer or client of yours and Made an inquiry at a real estate office (both at 11%). It remains consistent that REALTORS depend primarily on relationship-based advertising with 55% of REALTOR business coming from a previous relationship. How Buyers First Chose a REALTOR Source of REALTOR Count % Recommended by family or friend 55 24% Found REALTOR on the Internet 31 13% REALTOR is a customer or client of yours 25 11% Made an inquiry at a real estate office 25 11% Called on a sign 18 8% Recommended by a co-worker or associate 18 8% Recommended/referred by another REALTOR 17 7% Other: Please Specify 12 5% Previously purchased/sold property through this REALTOR 9 4% Friend or relative of the REALTOR 8 3% Attended an open house 5 2% Called on an advertisement 5 2% Recommended by Bank or Mortgage Company 5 2% % How Buyers First Chose a REALTOR

9 What form of agency was provided by the REALTOR The most common form of agency used by Buyers was Single Agency representing only buyer (73%). Form of Agency Provided by REALTOR Agency Form Count % Single Agency representing only buyer % Dual Agency representing both buyer and seller 48 21% Don't know 15 6% % Form of Agency Provided by REALTOR

10 Cowichan Valley Home characteristics from MLS data Selling Price Range For ease of interpretation, home selling prices were categorized into $50,000 increments up to $1 million. Above $1 million, prices were combined. The top three categories for the Cowichan Valley were $250,001- $300,000 (17%), $300,001- $350,000 (16%), $200,001-$250,000 (13%), totalling 46% of all sales. Selling Price Range Selling Price Range Count % $0 to $50, % $50,001 to $100, % $100,001 to $150, % $150,001 to $200, % $200,001 to $250, % $250,001 to $300, % $300,001 to $350, % $350,001 to $400, % $400,001 to $450, % $450,001 to $500, % $500,001 to $550, % $550,001 to $600, % $600,001 to $650, % $650,001 to $700, % $700,001 to $750, % $750,001 to $800, % $800,001 to $850, % $850,001 to $900, % $900,001 to $950, % $950,001 to $1,000, % Over $1,000, % %

11 Selling Price Range Selling Price Range

12 Home Type The top three home types were Single-Family (54%), Acreage with House (10%), Single Family (Strata) (8%). This differs from the VIREB Board Area as a whole, whose top three choices were Single-Family (60%), Condominium (Apt) (7%), and Condominium (Twnhse) (6%). Home Type Type of Home Count % Single-Family % Acreage With House % Single-Family (Strata) 80 8% Manufactured/Mobile On Pad 67 7% Condominium (Twnhse) % Condominium (Apt) % Single-Family (Waterfront) 43 4% Duplex (Strata) 32 3% Patio Home 22 2% Farm/Ranch 4 0.4% Duplex 3 0.3% Triplex/Fourplex 1 0.1% Single-Family (Modular/Prefab) 0 0% % Home Type

13 Number of Bedrooms The top three frequencies for number of bedrooms were Three (42%), Two (28%), and Four (20%). Number of Bedrooms Number of Bedrooms Count % % % % % % % % % % Number of Bedrooms Number of Bedrooms

14 Number of Bathrooms The top three frequencies for number of bathrooms were Two (44%), Three (31%), and One (18%). Number of Bathrooms Number of Bathrooms Count % % % % % % % % Number of Bathrooms Number of Bathrooms

15 Exterior The top three house exterior types were Vinyl (26%), Stucco (20%), and Wood (19%). Exterior Exterior Count % Vinyl % Stucco % Wood % Hardi Plank % Stucco & Siding 68 7% Aluminum 49 5% Stucco Wood % Brick Stucco 9 1.0% Stone Hardi Plank 8 0.9% Wood Vinyl 7 0.8% Other 6 0.6% Wood Hardi Plank 6 0.6% Brick Vinyl 4 0.4% Brick & Siding 3 0.3% Stone Vinyl 0 0.0% % Exterior

16 Exterior

17 Parking The top three parking features in the Board Area were Garage-Double (49%), Carport-Single (20%), and Garage-Single (19%). Parking Type of Parking Count % Garage-Double % Carport-Single % Garage-Single % Carport-Multiple 44 6% Garage-3 Or More 29 4% Other 12 2% % Parking

18 Site Characteristics The top three site characteristics were View Mountain (53%), View Ocean (41%), and View Lake (5%). Site Characteristics Site Characteristics Count % View - Mountain % View - Ocean % View - Lake 47 11% Waterfront - River/Creek % Waterfront - Ocean % Waterfront - Lake % View - City 3 0.7% % Site Characteristics Site Characteristics

19 Cowichan Valley Sub-Area Typical Buyer This table represents the highest frequency or most common value for each category, illustrating the typical Buyer profile for Description Mode % Information Category from Questionnaire Survey Buyer Origin Within same area 30% Major Reason for Purchase Principal Residence 98% Time Resident in the Community Prior to Purchase Zero to Less than one year 57% First Time Purchase of Principal Residence (Yes or No) No 85% Used RRSP for Downpayment (Yes or No) No 89% Purchased as Retirement Home (Yes or No) Yes 50.4% How Buyers First Became Aware of Property Internet REALTOR.ca site 34% How Buyers First Choose a REALTOR Recommended by family or friend 24% Form of Agency Provided by REALTOR Single Agency representing only buyer 73% Home Characteristics from corresponding MLS data base Selling Price Range $250,001 to $300,000 17% Home Type Single-Family 54% Number of Bedrooms 3 42% Number of Bathrooms 2 44% Exterior Vinyl 26% Parking Garage-Double 49% Site Characteristics View - Mountain 43%