A new survey found that nearly half of British Columbians are willing to make sacrifices for their mortgage payments as long as it doesn’t harm their health.
The Real Estate and Mortgage Institute of Canada (REMIC) surveyed 1,000 Canadians about mortgage payments amid financial uncertainty.
In B.C., the research found that 14 percent said they would do whatever it takes to pay their mortgage, even if it means financial pain for the year.
“It’s time to end Mortgage Masochism,” said Joe White, president and CEO of REMIC, in a news release on the poll’s findings.
“It’s simply insane that we’ve created a culture where house-poor Canadians struggling and sacrificing to meet monthly mortgage payments are somehow wearing their pain as pride. A mortgage shouldn’t feel like a purgatory, a punishment or a bad deal that you can’t get out of until your 70s.”
REMIC data also showed that 35 per cent of B.C. respondents say mortgage struggles are a “rite of passage,” and 15 per cent think people enjoy telling those “struggle stories.”
More than a quarter of B.C. respondents said Canadians tolerate skyrocketing housing costs without pushing for systemic change because “we think suffering for a home is normal.”
The REMIC news release did not include an explanation of the survey’s methodology – such as whether respondents were contacted online or by phone.
A randomized sample of 1,000 Canadians would carry a margin of error of plus or minus three percentage points, 19 times out of 20. The subsample of just B.C. respondents in such a survey would be roughly 140, and those results would carry a margin of error of plus or minus 8.3 percentage points, 19 times out of 20.
Fraser Valley real estate woes
The Fraser Valley was once a flourishing market, but on Monday, the regional real estate board released data showing that last month’s sales were nearly 50 per cent below the 10-year average, making for the slowest start to the spring market in more than 15 years.
The Fraser Valley Real Estate Board recorded 1,036 sales in March, up 13 per cent from February but still 26 per cent below the same period last year.
The board reported new listings increased 22 per cent in March to 3,800. Overall inventory is at a decade-high level, with 9,219 active listings, 49 per cent above March 2024 and 59 per cent above the 10-year seasonal average.
“If not for the economic uncertainty driven largely by U.S. tariffs, we’d likely be seeing a typical strong spring market in the Fraser Valley,” said Tore Jacobsen, chair of the Fraser Valley Real Estate Board.
“Instead, we’re seeing a disconnect as sellers remain hesitant to lower their prices beyond a certain threshold, while buyers, facing tighter financing conditions are either unable or unwilling to meet it. The resulting inertia is keeping sales low.”
Last month, across the Fraser Valley, the board says the average number of days to sell a single-family detached home was 31. For a condo, it was 33. Townhouses took an average of 27 days to sell.
According to the real estate board, the composite benchmark price in the Fraser Valley increased just under half a percentage point in March, up 0.4 per cent to $974,400.
