Some main takeaways from this article include:
- The minimum downpayment requirement for a single-family detached house in the Fraser Valley is now up by over $100,000 since 2018.
- The article states that the minimum downpayment required for a typical single-family detached house is now $307,580
- People priced out of core Metro Vancouver housing markets continue to fuel competition for single-family homes in the Fraser Valley. In other words, people are looking outside of Metro Vancouver for relatively more affordable housing options.
As I've written about before, I've been bullish on the Fraser Valley long-term, as it offers many great advantages for people with families or those who can work remotely from home full-time or on a hybrid basis.
Although the Fraser Valley is not cheap by any means, it's relative affordability compared to Vancouver and it's surrounding cities, is still a big draw. This is especially true for first-time homebuyers.