HomeLife Advantage Realty Ltd.

Phone:
604-795-2955
Toll free:
1-800-795-2955
Fax:
604-795-2770
Contact Us

HomeLife Advantage Realty Ltd.

Phone:
604-795-2955
Toll free:
1-800-795-2955
Fax:
604-795-2770
Contact Us

Abbotsford, Mission and Chilliwack homes within reach of middle-class families

The news today, Nov 15th 2016 will probably surround the recent interest rate increases from this morning. But I wanted to focus on affordability under the new mortgage rates, in some cases ½ percent higher than yesterday. IE) 2.64% vs. 2.24%.

 

After reading the article below about Vancouver affordability I was inspired to do some number crunching myself for our neighbourhoods to compare. In Vancouver prices from the large, high-end homes make up 20% of the sales and this segment gets all the attention. These high price purchase prices skew the average price we talk about. In-fact around my office we use Benchmark Price, aka Home Price Index instead of average price to avoid this mis-information.

 

The example is extreme in Vancouver but most markets in the Fraser Valley follow this trend with high-end homes skewing the average price. Well this is not the case in Abbotsford and Mission.

 

In most Fraser Valley markets such as White Rock and South Surrey the average price is influenced by the sale of large estate homes from month to month on average. We get this information from the Fraser Valley Real Estate Board statistic package monthly.

 

So here is what Abbotsford and Mission’s HPI VS. Average Price (Chilliwack unavailable) is in each area and the equivalent payment through a low rate mortgage from us – When you look past the home prices you can see the average payment for your average first time buyer and average seasoned home owner with equity. Do you feel the payments are still affordable in this current real estate market?

 

 

The regular middle class purchase prices are well within reach according to the article below. The articles affordability calculation also tells me an Abbotsford regular home of $663,000 requires a family income of $120,000 a year conservatively to qualify to buy. The HPI value of $547,300 in Mission requires an income of $98,954.00 annually. Can first time buyers reach this income level as a family?

 

Analysis: Many Vancouver homes within reach of middle-class families

 

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Abbotsford Real Estate | Abbotsford Homes For Sale

Abbotsford real estate for sale, Abbotsford REALTORS®, and Abbotsford MLS® Listings. Access Abbotsford real estate listings, Abbotsford REALTORS®, new homes and Abbotsford foreclosures. We also have information on Abbotsford home selling, home buying and mortgages, movers and other realty services in Abbotsford and area.

Mission Real Estate | Mission Homes For Sale

Mission real estate for sale, Mission REALTORS®, and Mission MLS® Listings. Access Mission real estate listings, Mission REALTORS®, new homes and Mission foreclosures. We also have information on Mission home selling, home buying and mortgages, movers and other realty services in Mission and area.

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