Fraser Valley Drawing Metro Vancouver Homebuyers

A very insightful article from Business in Vancouver (BIV) today reads 

Fraser Valley, Victoria down payments rise over $100k since 2018

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.

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.