Every morning of 2016 it seems like residents of Vancouver have been greeted with the same headlines claiming that a vast majority of downtown neighbourhoods are too expensive for the average family.
‘Cause, well, it’s true.
And for young couples looking to buy their first home and raise a family, this can be very troubling news to swallow. It’s previously been reported that 75 per cent of Vancouver real estate is way over budget for the average household, which typically brings in $73,390 per year.
But instead of letting headlines influence home buying decisions, residents need to look outside of Metro Vancouver for more affordable options.
Thankfully, the Vancouver Sun has created an impressive interactive affordability map that allows users to find their average income before taxes and then shows what neighbourhoods they can afford.
Instead of getting frustrated with what’s out of reach, buyers need to explore other surrounding areas that will still meet their needs.
If the average family brings in roughly $70,000 a year, the map shows there’s a number of affordable neighbourhoods that are not only suitable for families, but they’re accessible by transit, for those needing to commute downtown for work.
Very Affordable:
Surrey has a number of neighbourhoods that have real estate available that would only require a monthly mortgage payment of $750-800. Surrey is also on the SkyTrain line, so it’s perfect for those who need to commute downtown, or to the surrounding cities.
Affordable:
Despite not being able to afford to buy in 75 per cent of Metro Vancouver, the average family could comfortably afford to purchase in a number of cities. According to the map, North Vancouver, Burnaby, New Westminister, Coquitlam, Port Moody, Langley, Pitt Meadows and Maple Ridge would have affordable real estate.
“The map illustrates what many middle-class families have already realized: That to buy a single-family home, they need to move out to the Fraser Valley, “ said Tsur Somerville, director of the University of B.C.’s Centre for Urban Economics and Real Estate.
People looking to buy need to realize they’ll have to make a trade-off: pay more than they can afford and live in downtown Vancouver, or move east to the Fraser Valley and live much more comfortably.
Access to transit can also make the move easier, as commuting to Vancouver won’t be such a burden. Not to mention the Evergreen Line is set to open soon, which will connect Coquitlam to downtown Vancouver in a matter of minutes.
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