The overall shift in affordability is down 13.4 per cent in Chilliwack. To compare, Abbotsford-Mission’s was $73,800, Vancouver’s was $79,498 and Victoria’s was $90,361.Īnd while the prices seem relatively positive in Chilliwack, big changes are happening. That income level was $74,637 in the Chilliwack census metropolitan area (CMA). The study used Statistics Canada data to compare median annual household incomes and average home sale prices for the 12-month-period ending Feb. The definition of affordability used in the report, is the generally accepted measure of one third of a household’s income spent on mortgage, strata fees, property taxes and everything associated with home ownership. “When it comes to detached homes, Metro Vancouver’s most affordable options exist in Chilliwack, though the only really affordable houses are found in Sooke,” the report says. For townhouses Chilliwack was fourth with a median price of $324,132 and a 23.5 per cent GDS.īut it was with apartments where Chilliwack was the most affordable out of 30 cities with a median price of just $174,500 over the period studied with a 12.6 per cent GDS. The top three least affordable communities were West Vancouver, Lions Bay and the District of North Vancouver.įor detached properties, Chilliwack ranked second out of 30 on the affordability measure with a median price of $480,950 and a 34.8 per cent GDS. Second was Sooke, third Victoria and fourth Esquimalt. Tops was the City of Langley, which has a surfeit of attached homes and apartments. (The GDS ratio is the percentage of a household’s gross monthly income to cover all household costs.) Overall, Chilliwack ranked fifth of 30 municipalities with a median sale price over the period in question of $385,000 and a gross debt service (GDS) ratio of 27.9 per cent.
“A ripple effect is being felt well into the Fraser Valley, with median sale prices … up 32 per cent in Delta, 30 per cent in Langley (township), 24 per cent in Abbotsford and 14 per cent in Chilliwack.”Īnd since the ripples of that effect are hitting Chilliwack last, it means the local prices are still the most reasonable out of an increasingly unreasonable bunch. Much has been made of the extreme house price rises in Vancouver, but the report, “Home Stretch: Comparing housing affordability in B.C.’s hottest markets”, says that people moving farther afield are driving up prices in other communities. “While pockets of affordability still exist, they are disappearing as prices in the Fraser Valley and other parts of B.C. “Buyers looking for affordable housing options used to be able to look to municipalities around Vancouver to find affordable options,” said Ryan McKinley, Vancity’s senior mortgage development manager. Chilliwack may be the last bastion of single-family home affordability in the Lower Mainland from here to Vancouver Island.Ī report on housing affordability issued June 6 by Vancity of 30 municipalities found the ability for families to purchase homes in the suburban areas outside Vancouver is getting worse, but Chilliwack is still one of the most affordable.
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