{"id":7193,"date":"2017-10-18T11:11:10","date_gmt":"2017-10-18T18:11:10","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7193"},"modified":"2017-10-12T16:25:34","modified_gmt":"2017-10-12T23:25:34","slug":"the-ability-to-buy-a-condominium-has-declined-in-the-metro-vancouver-suburbs","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/10\/the-ability-to-buy-a-condominium-has-declined-in-the-metro-vancouver-suburbs\/","title":{"rendered":"The Ability to Buy A Condominium Has Declined in Metro Vancouver Suburbs"},"content":{"rendered":"<p style=\"text-align: justify;\">The ability to buy a condominium has declined in the Metro Vancouver suburbs with the highest multi-family housing starts.<\/p>\n<p style=\"text-align: justify;\">Supply is said to be the solution to affordable housing in Metro Vancouver, with a developer group urging mass re-zoning of single-family neighbourhoods to accommodate higher-density residential.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat\u2019s causing the supply shortage is the restrictive single-family home neighborhood zoning on 85% of our residential land base. That keeps out young families, middle income earners and renters, who can\u2019t afford single-family homes,\u201d said Anne McMullin, president and CEO of the Urban Development Institute, Pacific Region.<\/p>\n<p style=\"text-align: justify;\">\u201cWe clearly need a regional housing strategy with more homes for more people,\u201d she added. \u201cThat means more high-rise apartments along rapid transit corridors and more townhomes, rowhomes [and] multi-family low-rises.\u201d<\/p>\n<p style=\"text-align: justify;\">But recent studies show the reverse is true: fewer people can afford to buy condominiums in the Metro suburbs that have seen the greatest increase in supply over the past two years.<\/p>\n<p style=\"text-align: justify;\">Spurred by the extension of rapid transit, Burnaby, Coquitlam, New Westminster and Surrey have seen explosive growth in strata projects, but they all share something else in common: as the residential towers ascend, housing affordability has eroded.<\/p>\n<p style=\"text-align: justify;\">After record-breaking construction in 2016, Surrey had more multi-family housing starts\u2013 2,390 and mostly condo apartments \u2013in the first half of this year than in any other Metro Vancouver municipality, but condo affordability has fallen by 7.8% compared to a year earlier, according to a survey by credit union Vancity.<\/p>\n<p style=\"text-align: justify;\">The 2017 Vancity study compares the change in percentage of median household income required to cover the cost of buying a condominium apartment based on current prices.<\/p>\n<p style=\"text-align: justify;\">Burnaby, which had the second-highest strata starts, has seen condominium affordability plunge nearly 10% . In the Brentwood area where the most new condos are being built, the benchmark price of a resale condo is the highest \u2013 and least affordable \u2013 in Burnaby, at $747,400.<\/p>\n<p style=\"text-align: justify;\">New Westminster has seen starts of multi-family units increase 54% this year compared to 2016, according to Canada Mortgage and Housing Corp. (CMHC), but the ability of buyers to afford a condominium has fallen 18.4% .<\/p>\n<p style=\"text-align: justify;\">Coquitlam\u2019s condo affordability has plunged 20.8% this year, despite posting the third-highest number of multi-family starts in the region, up 35% from 2016, to 941 units.<\/p>\n<p style=\"text-align: justify;\">Port Coquitlam saw multi-family starts rocket up 741% in the first half of 2017 compared to a year earlier, but condo affordability fell by 15.5% , based on the Vancity data.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, developers are driving local residential land prices much higher.<\/p>\n<p style=\"text-align: justify;\">According to Colliers International, a \u201cwell-connected transit system\u201d is spurring new condos, particularly in areas adjacent to existing town centre malls such as Brentwood and Lougheed, both of which are zoned for ultra-high-density housing.<\/p>\n<p style=\"text-align: justify;\">Avison Young recently sold 8.3 acres near the Brentwood SkyTrain station for $155 million \u2013 the most expensive residential land transaction ever to occur in Burnaby.<\/p>\n<p style=\"text-align: justify;\">In Port Moody, where the arrival of transit has boosted home construction, the typical condo apartment price is up 25.2% from a year ago to more than $600,000, according to the Real Estate Board of Greater Vancouver. Once inexpensive, Port Moody is now the fifth-least affordable place to buy a condo in Metro Vancouver, according to Vancity.<\/p>\n<p style=\"text-align: justify;\">\u201cHistorically, wherever we\u2019ve seen rapid transit developed in Metro Vancouver, we\u2019ve seen an increase in new development along the corridors and [in] particular around stations,\u201d said Michael Ferreira, principal of Urban Analytics Inc. \u201cThe form of housing is going to be more affordable; a condominium will be more affordable than a single-family home.\u201d<\/p>\n<p style=\"text-align: justify;\">But, based on a comparison of starts and affordability, that condo affordability factor is waning fast even as the supply explodes.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/10\/increasing-supply-has-worsened-housing-affordabili\/\" target=\"_blank\" rel=\"noopener\">Is Increasing Supply Worsening Metro Vancouver Housing Affordability?<\/a> by Frank O&#8217;Brien | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The ability to buy a condominium has declined in the Metro Vancouver suburbs with the highest multi-family housing starts. Supply is said to be the solution to affordable housing in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/10\/the-ability-to-buy-a-condominium-has-declined-in-the-metro-vancouver-suburbs\/\">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-7193","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Ability to Buy A Condominium Has Declined in Metro Vancouver Suburbs &#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\/2017\/10\/the-ability-to-buy-a-condominium-has-declined-in-the-metro-vancouver-suburbs\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Ability to Buy A Condominium Has Declined in Metro Vancouver Suburbs &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The ability to buy a condominium has declined in the Metro Vancouver suburbs with the highest multi-family housing starts. 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