27
New Home Data
INSIGHTS AND COMMENTS
• Affordability for most new homes at the end of the First
Quarter of 2023 remained similar to the previous quarter.
• New townhomes in the Outer Metro region experienced the
largest five-year decline in affordability, with a decrease
of 22.2 percent. Townhome affordability decreased by
3.3 percent in the City of Vancouver but no change was
experienced in the Inner Metro region over the same
five-year period.
• Overall affordability for new wood frame condominiums
decreased in the City of Vancouver by 1.0 percent
when compared to the same quarter two years ago.
The Outer Metro and Inner regions experienced an
increase in affordability of 12.3 percent and 4.2 percent,
respectively, in that same time frame.
• The overall affordability of new concrete condominiums
in the Inner Metro region and the City of Vancouver
experienced a decrease of 1.5 percent and 1.6 percent,
respectively, while the Outer Metro region experienced
a 0.1 percent increase when compared to the previous
quarter.
• The City of Vancouver remained the least affordable
region with only 6.5 percent of income earning
households being able to purchase the average
priced new concrete condominium in this area. Just
2.6 percent of earning households in Vancouver Proper
were able to afford an average new townhome, and
25.9 percent of earning households were able to afford
the average priced new wood frame condominium.
Refer to methodology on Page 36-37.