{"id":22979,"date":"2023-11-27T11:11:00","date_gmt":"2023-11-27T19:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22979"},"modified":"2023-11-22T13:29:02","modified_gmt":"2023-11-22T21:29:02","slug":"high-borrowing-costs-have-led-to-vancouver-affordability-crunch","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/11\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\/","title":{"rendered":"High Borrowing Costs Have Led to Vancouver Affordability Crunch"},"content":{"rendered":"<p style=\"text-align: justify;\">Zonda Urban\u2019s Vancouver Multi-Family Take for Q3-2023 shows a market cooldown for new homes. However, stable housing prices, constant migration, and higher borrowing costs have led to a significant regional affordability issue.<\/p>\n<p style=\"text-align: justify;\">Zonda Urban\u2019s exclusive data, released late last week, calculated 2,682 new homes sold during Q3. That marks a 25% decrease, but that number is up nearly 75% compared to the average sales total from the third and fourth quarters of 2022. Sales were 19% lower in the North of Fraser region and 33% lower in the South of Fraser region compared to the previous quarter.<\/p>\n<p style=\"text-align: justify;\"><strong>Proximity to mass transit popular in Q3-2023<\/strong><\/p>\n<p style=\"text-align: justify;\">In the third quarter of 2023, buyers were particularly interested in condominium complexes at price points close to current or future Skytrain stations or in unique developments such as Citizen.<\/p>\n<p style=\"text-align: justify;\">The third quarter witnessed increased sales activity at the high-rise developments by Intracorp in Burquitlam, Polygon in Perla (Metrotown), and Anthem in Citizen (Metrotown).<\/p>\n<p style=\"text-align: justify;\">Notable sales totals were also experienced in the Fraser Valley in the low-rise sector of the market: Unity by Whitetail Homes (Langley), Timer South Village Condos by Vesta Properties (Langley), Village at Sunshine Hills (N. Delta) by JPS Development and Fleetwood Village II Condos (Surrey) by Dawson + Sawyer.<\/p>\n<p style=\"text-align: justify;\"><strong>Price and buyer trends<\/strong><\/p>\n<p style=\"text-align: justify;\">The average gross price for a concrete unit in Metro Vancouver over the past year is $930,944. A wood frame unit costs $657,301, and a townhome costs $1,111,238. Absorption rates are 62%, 64%, and 63%, respectively.<\/p>\n<p style=\"text-align: justify;\">North of the Fraser, concrete units are averaging $1,021,547. Wood frame units are $729,721, and townhomes are $1,306,034. Absorption rates are 64%, 59%, and 56% respectively.<\/p>\n<p style=\"text-align: justify;\">South of the Fraser, concrete units are averaging $782,789. Wood frame units are $592,856, and townhomes are $894,091. Absorption rates are 73%, 68%, and 76%, respectively.<\/p>\n<p style=\"text-align: justify;\">Overall average prices for new homes in North of the Fraser locations compared to South of the Fraser are 23% higher for concrete condominiums, 19% for wood frame condominiums, and 32% higher for townhomes.<\/p>\n<p style=\"text-align: justify;\">Following two rate hikes by the Bank of Canada that brought the rate to 5% at the time of the Zonda Urban report, there has been a recent slowdown in third-quarter sales. Since buyers usually need to wait to complete and assume a mortgage, interest rates may not directly influence the condominium pre-sale market in the near future.<\/p>\n<p style=\"text-align: justify;\">However, higher borrowing costs have caused a slowdown in sales activity in the resale market. The Metro Vancouver new home market is still seeing solid sales activity despite the low levels of confidence, especially for price-point-oriented condominium complexes in strategically located areas.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/articles\/news\/zonda-urban-strong-migration-higher-borrowing-costs-led-to-vancouvers-q3-affordability-crunch\" target=\"_blank\" rel=\"noopener\">Zonda Urban : Strong Migration, Higher Borrowing Costs Led to Vancouver&#8217;s Q3 Affordability Crunch<\/a> by Erin Nicks | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zonda Urban\u2019s Vancouver Multi-Family Take for Q3-2023 shows a market cooldown for new homes. However, stable housing prices, constant migration, and higher borrowing costs have led to a significant regional &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/11\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\/\">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-22979","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>High Borrowing Costs Have Led to Vancouver Affordability Crunch &#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\/11\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"High Borrowing Costs Have Led to Vancouver Affordability Crunch &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Zonda Urban\u2019s Vancouver Multi-Family Take for Q3-2023 shows a market cooldown for new homes. However, stable housing prices, constant migration, and higher borrowing costs have led to a significant regional &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/11\\\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/11\\\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"High Borrowing Costs Have Led to Vancouver Affordability Crunch\",\"datePublished\":\"2023-11-27T19:11:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/11\\\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\\\/\"},\"wordCount\":434,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/11\\\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/11\\\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/11\\\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\\\/\",\"name\":\"High Borrowing Costs Have Led to Vancouver Affordability Crunch &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2023-11-27T19:11:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/11\\\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/11\\\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/11\\\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"High Borrowing Costs Have Led to Vancouver Affordability Crunch\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"High Borrowing Costs Have Led to Vancouver Affordability Crunch &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2023\/11\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\/","twitter_card":"summary_large_image","twitter_title":"High Borrowing Costs Have Led to Vancouver Affordability Crunch &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Zonda Urban\u2019s Vancouver Multi-Family Take for Q3-2023 shows a market cooldown for new homes. However, stable housing prices, constant migration, and higher borrowing costs have led to a significant regional &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2023\/11\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2023\/11\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"High Borrowing Costs Have Led to Vancouver Affordability Crunch","datePublished":"2023-11-27T19:11:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2023\/11\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\/"},"wordCount":434,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2023\/11\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2023\/11\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\/","url":"https:\/\/www.roryc.ca\/blog\/2023\/11\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\/","name":"High Borrowing Costs Have Led to Vancouver Affordability Crunch &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2023-11-27T19:11:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2023\/11\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2023\/11\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2023\/11\/high-borrowing-costs-have-led-to-vancouver-affordability-crunch\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"High Borrowing Costs Have Led to Vancouver Affordability Crunch"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/22979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=22979"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/22979\/revisions"}],"predecessor-version":[{"id":22980,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/22979\/revisions\/22980"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=22979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=22979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=22979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}