{"id":22589,"date":"2023-09-18T11:11:00","date_gmt":"2023-09-18T18:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22589"},"modified":"2023-08-28T09:40:53","modified_gmt":"2023-08-28T16:40:53","slug":"the-fraser-valley-continues-to-see-competition-as-buyers-search-outside-metro-vancouver-for-lower-prices","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/09\/the-fraser-valley-continues-to-see-competition-as-buyers-search-outside-metro-vancouver-for-lower-prices\/","title":{"rendered":"The Fraser Valley Continues to See Competition as Buyers Search Outside Metro Vancouver for Lower Prices"},"content":{"rendered":"

As housing affordability continues to worsen in BC, the down payment needed to buy a home has only increased.<\/p>\n

Metro Vancouver, the Fraser Valley and Victoria are among the four Canadian cities with the largest increases in the minimum down payment needed to purchase a single-family home between July 2018 and July 2023, with Toronto being the fourth, according to an Aug. 25 report by online brokerage Zoocasa.<\/p>\n

While Metro Vancouver doesn\u2019t have the largest increase in down payment in the last five years, it has the most expensive minimum down payment of all Canadian cities at $402,980.<\/p>\n

This is nearly $100,000 higher than the next most expensive area, the Fraser Valley. Between July 2018 and July 2023, Metro Vancouver\u2019s minimum down payment increased by $81,640.<\/p>\n

The minimum down payment needed in the Fraser Valley increased by $102,540 to $307,580, with Victoria\u2019s increasing to $235,680 \u2014 a $180,190 jump.<\/p>\n

Toronto had the largest increase in Canada with the minimum down payment required for a single-family home going up by $212,660 to $277,780 in the last five years.<\/p>\n

Out of the 20 cities analyzed in the report, the Fraser Valley, Victoria and Toronto were the only cities with more than a $100,000 increase in minimum down payment over the past five years.<\/p>\n

Any prospective home buyer in these three cities needs to consider if they have enough money set aside to meet those growing down payments and the mortgages that come with them, said Patti Cosgarea, a spokesperson for Zoocasa.<\/p>\n

\u201cVancouver is the fourth least expensive for down payments and Winnipeg is a fourth most affordable for down payments,\u201d said Cosgarea.<\/p>\n

\u201cIf you juxtapose this, you’ll see that in Winnipeg, down payments have increased by over $4,000 versus over $81,000 in Vancouver. So, it’s really interesting to see the contrast across the country.\u201d<\/p>\n

Edmonton is the Canadian city with the lowest increase in minimum down payment in the last five years with a change of $1,405 to $21,260, according to Zoocasa.<\/p>\n

The Fraser Valley has been seeing more attention as buyers move further away from Vancouver in search of more affordable prices, according to Cosgarea. As people leave the expensive urban cores, she equated the activity in the Fraser Valley as similar to that seen in the Greater Toronto Area (GTA).<\/p>\n

\u201cI do absolutely think that the Fraser Valley is going to continue to be more and more competitive. Vancouver prices continue to grow, so the trends will follow what we’ve seen in Toronto and the GTA as well,\u201d she said.<\/p>\n

Fraser Valley, Victoria Down Payments Rise Over $100k Since 2018<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"

As housing affordability continues to worsen in BC, the down payment needed to buy a home has only increased. Metro Vancouver, the Fraser Valley and Victoria are among the four … [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":[8],"tags":[],"class_list":["post-22589","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nThe Fraser Valley Continues to See Competition as Buyers Search Outside Metro Vancouver for Lower Prices • 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\/09\/the-fraser-valley-continues-to-see-competition-as-buyers-search-outside-metro-vancouver-for-lower-prices\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Fraser Valley Continues to See Competition as Buyers Search Outside Metro Vancouver for Lower Prices • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As housing affordability continues to worsen in BC, the down payment needed to buy a home has only increased. 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