{"id":9996,"date":"2018-08-07T10:10:51","date_gmt":"2018-08-07T17:10:51","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9996"},"modified":"2018-08-03T08:15:14","modified_gmt":"2018-08-03T15:15:14","slug":"vancouvers-recent-price-declines-do-not-guarantee-improved-affordability","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/08\/vancouvers-recent-price-declines-do-not-guarantee-improved-affordability\/","title":{"rendered":"Vancouver&#8217;s Recent Price Declines Do Not Guarantee Improved Affordability"},"content":{"rendered":"<p style=\"text-align: justify;\">A recent shrinkage in home prices across Metro Vancouver will not help improve the prospects of more affordable housing for first-time buyers, according to observers.<\/p>\n<p style=\"text-align: justify;\">This is because properties are staying in the market longer, which gives buyers of single-family estates \u201cthe luxury of taking their time.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cIn particular, when you get into $2- and $3-million properties, buyers have a lot more choice\u2026 and they have the ability now to negotiate with sellers,\u201d Canada Mortgage and Housing Corporation market analyst Eric Bond told CTV News Vancouver.<\/p>\n<p style=\"text-align: justify;\">According to the Crown corporation, growth of demand continues to outpace supply for Vancouver homes valued lower than $1 million. Condo prices have also spiked upward across the region, up to as much as a 35% year-over-year increase in Langley.<\/p>\n<p style=\"text-align: justify;\">However, while values at the very-high-end segment have shrunk, buyers with lower budgets should not hope for good news on the affordability front.<\/p>\n<p style=\"text-align: justify;\">\u201cWe are in no way on to levels of affordability for local incomes,\u201d Simon Fraser University\u2019s Andy Yan stated.<\/p>\n<p style=\"text-align: justify;\">The analyst said that not even new construction will help moderate these conditions as a significant number of newer towers are aimed at higher-income consumers.<\/p>\n<p style=\"text-align: justify;\">\u201cWho are we building for? And how do we grow for the type of community that we want to grow and really flourish in the City of Vancouver?\u201d Yan said.<\/p>\n<p><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/vancouvers-recent-price-declines-do-not-guarantee-improved-affordability-246073.aspx\" target=\"_blank\" rel=\"noopener\">Vancouver&#8217;s Recent Price Declines Do Not Guarantee Improved Affordability<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent shrinkage in home prices across Metro Vancouver will not help improve the prospects of more affordable housing for first-time buyers, according to observers. This is because properties are &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/08\/vancouvers-recent-price-declines-do-not-guarantee-improved-affordability\/\">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-9996","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver&#039;s Recent Price Declines Do Not Guarantee Improved Affordability &#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\/2018\/08\/vancouvers-recent-price-declines-do-not-guarantee-improved-affordability\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver&#039;s Recent Price Declines Do Not Guarantee Improved Affordability &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A recent shrinkage in home prices across Metro Vancouver will not help improve the prospects of more affordable housing for first-time buyers, according to observers. This is because properties are &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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/08\\\/vancouvers-recent-price-declines-do-not-guarantee-improved-affordability\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/08\\\/vancouvers-recent-price-declines-do-not-guarantee-improved-affordability\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Vancouver&#8217;s Recent Price Declines Do Not Guarantee Improved Affordability\",\"datePublished\":\"2018-08-07T17:10:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/08\\\/vancouvers-recent-price-declines-do-not-guarantee-improved-affordability\\\/\"},\"wordCount\":249,\"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\\\/2018\\\/08\\\/vancouvers-recent-price-declines-do-not-guarantee-improved-affordability\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/08\\\/vancouvers-recent-price-declines-do-not-guarantee-improved-affordability\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/08\\\/vancouvers-recent-price-declines-do-not-guarantee-improved-affordability\\\/\",\"name\":\"Vancouver's Recent Price Declines Do Not Guarantee Improved Affordability &#8226; 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