Apartments across Metro Vancouver become more popular, less affordable
You better hope the bank of mom and dad feels generous because the minimum down payment for a home across BC and Metro Vancouver is out of control.
According to some recent insights from Zoocasa, the minimum down payment for a home in one Metro Vancouver has increased across municipalities.
Zoocasa compared numbers from February 2020 to February 2023.
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The popularity of apartments continues to increase
For Vancouver and other municipalities, affordable property types have become more popular, meaning that the level of affordability of those types is starting to trend downwards. The benchmark prices for apartment and condo properties are creeping upward.
All 18 Metro Vancouver municipalities that Zoocasa analyzed saw benchmark apartment prices climb over $500,000, “leaving few properties with down payments under $30,000.”
This is a stark difference compared to 2020 when, according to Zoocasa, 10 out of 18 municipalities had apartments with minimum down payments under $30,000.
Zoocasa also pointed out an interesting situation in Tsawwassen. While it saw the second smallest change for a down payment needed for a detached home, it saw the third largest increase in the down payment required for a benchmark apartment.
The Vancouver West region — not to be confused with West Vancouver — is still the highest on the scale by far.
In Vancouver West, the benchmark price for a detached house in February 2020 was $2,914,000, which jumped to $3,103,100 this February. The minimum down payment in Vancouver West for a detached home is $620,620.
For an apartment, the benchmark price in Vancouver West is $824,400, with a minimum down payment of $57,440.
If you’re wondering what the cheapest spot to purchase an apartment in BC is, that honour goes to Maple Ridge. Maple Ridge’s benchmark apartment price is $507,500, with a minimum down payment of $25,750.
Would you consider moving to a place like Maple Ridge for the sake of affordable housing? Have you already? Let us know in the comments.
Editor’s note: An earlier version of this story referenced incorrect data compiled from Zoocasa. The numbers in this story have been updated for accuracy.