What The Media Isn't Telling You
The media constantly portrays the message that Metro Vancouver is unaffordable, these conversations and articles are often misleading. Let’s take a step back and really consider the facts.
All cities considered, the benchmark price for a “typical home” (inclusive of single family, townhome, and condo options) in Greater Vancouver is currently $790,200.
What media outlets are overlooking is that this number is drastically skewed by certain areas such as the extremely sought after West Vancouver ($2,289,400) and Vancouver ($1,080,000). A big oversight, in our opinion.
The key fact is, cities further east such as Coquitlam, The Tri – Cities, Surrey, White Rock, Langley and Abbotsford are much more affordable than Vancouver. When we group these cities together with Vancouver, affordability is blown out of proportion and misleading information is created.
To put this in perspective:
1. A condo in Fraser Valley has a benchmark price of $204,300 which is 55% less than the Greater Vancouver average.
2. A townhome in Fraser Valley has a benchmark price of $334,400 which is 40% less than the Greater Vancouver average.
3. A single family home in Fraser Valley has a benchmark price of $691,100 which is 46% less than the Greater Vancouver average.
Did you know that a recent article mentioned that a growing majority of Metro Vancouverites no longer commute to Vancouver for work? That makes living in the suburbs more and more convenient. Of course, if you must commute to downtown it’s good to know the government is constantly investing its resources into creating more bus routes and rapid transit options, as well as improving highways and bridges.
It is also nice to know downtown like experiences are being recreated in many city/town centres across the Fraser Valley. So, if you’re a first time buyer thinking you need to move into a small town in the middle of nowhere to afford a home, wait! Spend some time looking at the amazing homes and communities that the Fraser Valley has to offer. Check out the “Find your Home” page on our website.