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Buying a home in Vancouver is getting easier — but only if you’re a millionaire
New numbers from the Canada Mortgage and Housing Corporation show competition for condos and other homes worth less than $1 million is fiercer than the competiton for expensive homes. Pictured here are condo buildings along Vancouver’s Coal Harbour.
“For sure that was the case following the financial crisis,” he said.
Not so, anymore. The segment of the housing market that is leading price increases consists of homes priced up to, but not exceeding, $1 million.
By the end of March 2018, the proportion of Metro Vancouver’s housing inventory priced above $1 million far exceeded sales of homes in that price range, while the reverse was true for homes priced less than $1 million.
That means, for example, that someone looking for a home with a budget between $2–3 million by the end of March 2018 had 16 per cent of Vancouver’s housing inventory available to them, while only 4 per cent of sales in that month were of homes in that price range.
But, a home seeker with a budget between $700,000–$1 million in the same month had just over 15 per cent housing inventory within their budget, while 24 per cent of the sales that month were of homes in that price range.
The latter buyer, in other words, faced much greater competition for their prospective purchase.
That rings true for Metro Vancouver home seekers. Heather Patel, an administrative assistant who was looking at the possibility of buying a home with her husband, an engineer, in March, said they were told by a financial adviser they could afford a home worth $500,000 with their two incomes.
But Patel knows that budget is not likely to go far in the city, or even in broader Metro Vancouver. “If we ever own, it will be outside the city,” she said.
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