Ravi Punia - REALTOR®

Fraser Valley Specialist


Factor in Gas Prices When Buying a Home

Gas prices are high.  Very high.  Like record high in many Fraser Valley and Metro Vancouver areas.  

There is an old saying in real estate that says "drive until you qualify".  That means that potential homebuyers should drive as far away from a metropolitan centre (i.e. Vancouver) as they need to, in order to qualify for a mortgage to buy a home.  Typically, this meant buy in the outer suburbs.  What this old adage fails to consider is the cost of gasoline and commuting generally.  

Although many priviledged workers have been able to work from home, full-time, during the recent pandemic years, that may not be the case forever.  Many workers may be asked to come back to the workplace or office either full-time or on a hybrid basis.  Therefore, commuters may be on the verge of facing higher commuting costs.  They may be shocked when they feel the full effect of paying high gas prices, on a regular basis.  High gas costs can really take a bite out of one's budget and squeeze you.

The Fraser Valley housing market really skyrocketed in popularity and price during the pandemic.  It seems like commute time became less of a concern for many homebuyers.  But, it's still worth considering what might happen if you choose to buy and live in the Fraser Valley and have to say commute to downtown Vancouver or Burnaby.  

I've previously commuted for a decade between Surrey and Abbotsford, taking Highway 1.  That commute is not easy.  Taking Highway 1 to and from Metro Vancouver and the Fraser Valley can be punishing.  Long commutes are expensive in gas, vehicle wear and tear, maintenance costs and time.  One should also factor in the physical and mental toll that a long commute takes on a person's health.  Long commutes truly are soul crushing and a loss of what could otherwise be more productive time (i.e. family time, exercising, leisure activity etc.).

So, it's really important that Fraser Valley homebuyers carefully consider which community and housing markets are most practical and convenient in the overall context of your commuting requirements.  Locations within cities and across the Fraser Valley markets like North Delta, Surrey, Langley and Abbotsford can vary greatly in travel times.

I am well versed in most of the areas and traffic patterns within the Fraser Valley.  As such, I can help a home buyer find a suitable location, that works well for their commute time.

*This blog communication is not intended to cause or induce breach of an existing agency agreement.  Views are my own and do not reflect those of any organizations that I may be associated with.

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