Approximately 78% of British Columbians said it was a buyers market for residential real estate, compared with 65% of Canadians overall.

Among those planning on buying a home, 27% said they would do so because their current home didn't meet their needs. Almost 25% of respondents cited attractive housing prices as being an incentive for them to look for a home; 23% said they wanted to buy a bigger home.

The average price of residential homes has fallen 14.2% year-over-year to $653,452, according to statistics released by the Real Estate Board of Greater Vancouver. Prices of condominiums and other apartment properties have fallen 13.9% to $333.143.

According to the Fraser Valley Real Estate Board, average home values in the Fraser Valley have dropped 10.5% to $295,731, while condo prices have fallen 10% to $228,091.

On Vancouver Island, housing prices have fallen 11% to $307,927, according to the Vancouver Island Real Estate Board.

The RBC survey found that buying intentions in B.C. have not changed despite the recession. About 26% of respondents said they plan to buy a home in the next two years; 20% believe prices will be higher in a year's time. More than 80% of British Columbians said buying a home was a good investment and 76% were planning to buy a detached home.

Almost 85% of British Columbians planned on buying a resale home, compared with 74% of Canadians.

According to the survey, British Columbians were also the most likely to include environmental considerations as part of their buying decision, with more than 90% wanting to buy an energy-efficient home and 72% wanting other environmentally friendly features.

[via BIV]