There was a recent study out that states that it can take up to 20 years for a first-time homebuyer to purchase their first home in BC. This is shocking and sobering for would-be buyers staring at sky-high home prices.
"Saving up to pay for the upfront cost of first-time homeownership in B.C. can take approximately 11 to 17 years, with the time to save for full costs being 20 years, according to a study from Point2, an international real estate portal."
See: British Columbians Need to Save for Up to 20 Years for First Home in Business in Vancouver.
One (relatively) positive aspect of this report is that Abbotsford offers the most manageable place to purchase a first-home in the Lower Mainland or Metro Vancouver area.
As I have suggested in a recent blog post, condos in Abbotsford currently offer a good entry point onto the property ladder for first-time homebuyers. It is worth checking out this segment of the market on a value proposition basis, with average prices around $400,000 to end February 2023.
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