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The Van City Credit Union has published a report this month that looks at affordability and changes in affordability for housing in Metro Vancouver, the Fraser Valley and southern Vancouver Island.
They find that while nowhere is cheap, the District of North Vancouver is expensive and getting more so.
The report can be found here:
Among their highlights Van City found “the overall affordability of residential properties sold in the city of Vancouver worsened 2.9% in the 12 months ended February 28, 2017, but other municipalities saw more dramatic declines: affordability dropped 38% in North Vancouver (district), 31% in Delta; 29% in Langley (township) and 23% in Maple Ridge.”
“The widespread decrease in affordability came despite a cooling of sales in the Metro Vancouver market in the latter half of 2016 following the introduction of a 15-per-cent property transfer tax on foreign nationals’ purchases of residential real estate within Metro Vancouver.”
The two most affordable communities found were Chilliwack and Sooke.
The search for affordable homes is pushing people into the Fraser Valley. the report found “Delta and Langley (township), for example, saw median sale prices increase 32% and 30%, respectively, similar to the 30% increase that detached homes in Vancouver saw.”
The report found the DNV was the fourth least affordable community for detached homes, apartments and attached homes.
The report looked at foreign ownership as a potential cause of high prices but did not examine issues of domestic property speculation.
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