Difficult Time to Buy a Home

There was sobering news in the article below, titled "Never been a harder time": Here's the Income you Need to Buy a Home by Global News. 

There's no doubt that having to have an annual income in excess of $200,000 to own an average home in Vancouver will be out of reach for most people. 

However, there is still hope for some prospective homebuyers in the outer suburbs of Vancouver.  The Fraser Valley might offer a few options for those looking to get onto the property ladder and into the real estate market.

In a prior blog post, I noted some reasonable housing options that might be of interest to young people, couples or families just starting out. In the outer Fraser Valley, Mission, Chilliwack and Sardis offer single-family detached homes under the million dollar price point still. Condo apartments and townhomes are also seemingly offering reasonable value in Abbotsford, in my opinion. Each of these property markets provide a chance for people to get into the housing market and begin to build equity. Plus, owning offers some insulation against the rapid increase in rents that we are seeing right now acrooss Metro Vancouver and the Fraser Valley.

Unfortunately, the reality is that housing for sale under $1,000,000 in the core areas of Metro Vancouver are limited to condos, for the most part.

Whether we will see any relief in the near term, with respect to affordability, is anyone's guess.

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