{"id":8932,"date":"2018-04-28T11:11:47","date_gmt":"2018-04-28T18:11:47","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8932"},"modified":"2018-04-27T20:46:18","modified_gmt":"2018-04-28T03:46:18","slug":"square-footage-for-vancouver-first-time-homebuyers-has-shrunk","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/04\/square-footage-for-vancouver-first-time-homebuyers-has-shrunk\/","title":{"rendered":"Square Footage for Vancouver First-Time Homebuyers Has Shrunk"},"content":{"rendered":"

How much bang for their buck could these buyers see in other cities across Canada?<\/p>\n

New federal government mortgage rules that came into effect January 1 have made it harder to qualify for a mortgage, and this means the square footage buyers can afford has shrunk, according to LePage.<\/p>\n

A new report from the real estate brokerage looked specifically at the buying power of the average first-time homebuyer born between 1987 and 1993. According to the report, in 2017, a two-person couple in this age group in Greater Vancouver could afford to buy an 878-square-foot home, on average. By 2018, this had dropped 10% to 788 square feet.<\/p>\n

\u201cAs prices continue to grow across Greater Vancouver, [those born between 1987 and 1993] have found it hard to find a home,\u201d said Royal LePage West Real Estate Services\u2019 Adil Dinani.<\/p>\n

\u201cNew mortgage regulations have weakened this demographic\u2019s purchasing power, making it tougher to compete with other buyers who now find themselves in the entry-level market as well.<\/p>\n

\u201cWhen coupled with entry-level home prices, which now rival most two-storey values in other parts of the country and are continuing to rise thanks to the region\u2019s strong economy, purchasers are trying everything they can to get into the market before prices move out of their reach.\u201d<\/p>\n

According to Dinani, it appears that the majority of buyers in this age range are getting help from their families.<\/p>\n

For the purpose of the study, Royal LePage used an average salary of just over $38,000 for people in this age group; this is based on 2016 Statistics Canada data adjusted upward for inflation. Using this salary, the study authors determined that a couple \u2013 making around $76,000 in total per year \u2013 could purchase property with a maximum value of around $406,000.<\/p>\n

Buyers in this demographic can afford to buy a slightly bigger home in Toronto (856 square feet). Everywhere else in Canada, the square footage of homes they could afford is significantly higher.<\/p>\n

The report provided a comparison of the average home a couple making $76,000 could buy in major cities across the country.<\/p>\n

Port Coquitlam (Greater Vancouver)
\n310-2231 Welcher Avenue – $399,000
\n1 bedroom, 1 bathroom, 680 square feet<\/p>\n

Calgary
\n16 Auburn Crest Lane SE – $410,000
\n2 bedrooms, 2+1 bathrooms, 1,095 square feet<\/p>\n

Regina
\n5231 Canuck Crescent – $407,900
\n3 bedrooms, 3 bathrooms, 1,546 square feet<\/p>\n

Winnipeg
\n1-116 Wellington Crescent – $414,900
\n3 bedrooms, 2+1 bathrooms, 2,400 square feet<\/p>\n

Greater Toronto
\n302-3069 Lakeshore Boulevard West – $410,000
\n1 bedroom, 1 bathroom, 778 square feet<\/p>\n

Ottawa
\n2465 Regatta Avenue – $419,900
\n3 bedrooms, 2+1 bathrooms, 2,121 square feet<\/p>\n

Greater Montreal
\n4018 St-Andr\u00e9 Street – $415,000
\n2 bedrooms, 1 bathroom, 1,083 square feet<\/p>\n

Halifax
\n6B Idlewylde Road – $424,900
\n3 bedrooms, 4 bathrooms, 2,600 square feet<\/p>\n

Young Vancouver First-Time Homebuyers Can Afford 10% Less Living Space Now Than A Year Ago<\/a> by By Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

How much bang for their buck could these buyers see in other cities across Canada? New federal government mortgage rules that came into effect January 1 have made it harder … [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-8932","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nSquare Footage for Vancouver First-Time Homebuyers Has Shrunk • 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\/2018\/04\/square-footage-for-vancouver-first-time-homebuyers-has-shrunk\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Square Footage for Vancouver First-Time Homebuyers Has Shrunk • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"How much bang for their buck could these buyers see in other cities across Canada? 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