{"id":21295,"date":"2023-02-07T11:11:00","date_gmt":"2023-02-07T19:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21295"},"modified":"2023-02-06T09:05:30","modified_gmt":"2023-02-06T17:05:30","slug":"metro-vancouver-fraser-valley-homeowners-are-primed-to-withstand-inflationary-pressures","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/02\/metro-vancouver-fraser-valley-homeowners-are-primed-to-withstand-inflationary-pressures\/","title":{"rendered":"Metro Vancouver &amp; Fraser Valley Homeowners are Primed to Withstand Inflationary Pressures"},"content":{"rendered":"<p style=\"text-align: justify;\">Metro Vancouver and the Fraser Valley have the lowest loan-to-value ratio in Canada, indicating average homeowners in those areas are primed to withstand inflationary pressures and the \u201ccoming storm,\u201d according to a Re\/Max Canada report released Tuesday.<\/p>\n<p style=\"text-align: justify;\">\u201cThe Lower Mainland and Greater Vancouver are well poised from an overall ownership perspective to withstand any home value rebalancing that is an effect of higher interest rates and the Bank of Canada&#8217;s desire to get inflation under control,\u201d said Elton Ash, executive vice-president of Re\/Max Canada.<\/p>\n<p style=\"text-align: justify;\">A lower loan-to-value ratio, which indicates a homeowner owns a larger portion of their property, is a good measure of the ability to persist in the current economic environment, said Ash.<\/p>\n<p style=\"text-align: justify;\">As of the third quarter of 2022, it stood at 50%, down from 59% in the third quarter of 2012, according to the report that pulled data from the Canada Mortgage and Housing Corp. and Equifax Inc.<\/p>\n<p style=\"text-align: justify;\">The Re\/Max report noted there\u2019s been a \u201cflurry\u201d of new sales activity in the region since the beginning of 2023.<\/p>\n<p style=\"text-align: justify;\">Ash said buyers are becoming increasingly accustomed to the high-interest rate environment.<br \/>\nMany of these buyers are in the \u201cmove up\u201d category and are looking to utilize equity gained in the past decade, he said.<\/p>\n<p style=\"text-align: justify;\">\u201cIt is the \u2018move over, move up\u2019 [buyer]. It&#8217;s that next-purchase kind of market that has seen the activity. The first-time homebuyer market is still very, very low, and that&#8217;s to be expected,\u201d Ash said.<\/p>\n<p style=\"text-align: justify;\">The report also pointed to the transference of intergenerational wealth as well as the pandemic facilitating the ability to work in smaller or more remote markets as factors contributing to the downward pressure on loan-to-value ratios.<\/p>\n<p style=\"text-align: justify;\">The mortgage delinquency rate has been low throughout the Lower Mainland and across other markets in Canada, the report said. Vancouver\u2019s delinquency rate decreased to 0.08% in 2022 compared with 0.29 in 2012 \u2013 among the lowest rates in the country.<\/p>\n<p style=\"text-align: justify;\">The number of mortgage holders with credit scores under 660 has decreased from 7.4% in 2012 to 4.2% in 2022.<\/p>\n<p style=\"text-align: justify;\">Those looking to purchase homes are taking advantage of options to extend or blend existing mortgages.<\/p>\n<p style=\"text-align: justify;\">For new mortgages, buyers are opting for shorter, fixed-term mortgages with the intention to \u201cride out\u201d the high-interest rate environment, according to the report.<\/p>\n<p style=\"text-align: justify;\">When it comes to sellers, the report said that some are offering assumable-mortgages or vendor take-back loans as purchase incentives.<\/p>\n<p style=\"text-align: justify;\">While BC has seen many new rules such as the foreign homebuyer ban or the three-day \u201ccooling off period,\u201d the report said that these have merely complicated some transactions and that \u201cbusiness has remained steady.\u201d<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2023\/01\/metro-vancouver-homeowners-primed-withstand-coming-storm-remax\" target=\"_blank\" rel=\"noopener\">Re\/Max : Metro Vancouver Homeowners Primed to Withstand &#8220;Coming Storm&#8221;<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metro Vancouver and the Fraser Valley have the lowest loan-to-value ratio in Canada, indicating average homeowners in those areas are primed to withstand inflationary pressures and the \u201ccoming storm,\u201d according &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/02\/metro-vancouver-fraser-valley-homeowners-are-primed-to-withstand-inflationary-pressures\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-21295","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver &amp; Fraser Valley Homeowners are Primed to Withstand Inflationary Pressures &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/02\/metro-vancouver-fraser-valley-homeowners-are-primed-to-withstand-inflationary-pressures\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver &amp; 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