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UDI State of the Market Q1-2024
Definitions
• Inner Metro: Squamish, West Vancouver, North
Vancouver, Burnaby, New Westminster, Richmond,
South Delta, Coquitlam, Port Moody & Port Coquitlam.
• Outer Metro: Langley, North Delta, Surrey, White
Rock, Pitt Meadows, Maple Ridge and Abbotsford.
• Vancouver: Downtown Vancouver, Vancouver West
and Vancouver East.
Prices
Prices for the new home market were collected from actively
selling new multi-family projects in Metro Vancouver.
Re-sale prices were collected from the Real Estate Boards
of Greater Vancouver and the Fraser Valley (with median
and benchmark prices used).
Income
The Index uses household income information from
Statistics Canada data from the 2016 Census Survey.
3.4 - Industry Canada Insolvency Statistics
3.5 - Yahoo Finance
3.6 - Investment Industry Regulatory
Organization of Canada
4.1 - BC Housing - New Single Family Registrations
4.2 - BC Housing - New Multi-Family Registrations
5.1 - CMHC Housing Now – Vancouver & Abbotsford
5.2 - CMHC Housing Now – Vancouver & Abbotsford
5.3 - CMHC Housing Now – Vancouver & Abbotsford
5.4 - Statistics Canada Building Permits
5.5 - Statistics Canada New Housing Price Indexes
5.6 - CMHC Rental Market Report
1.1 - Statistics Canada Monthly Labour Force Survey
1.2 - Statistics Canada Monthly Labour Force Survey
1.3 - Stats Canada Quarterly Demographic Estimates
1.4 - Stats Canada Quarterly Demographic Estimates
1.5 - Stats Canada Quarterly Demographic Estimates
1.6 - Stats Canada Quarterly Demographic Estimates
2.1 - Bank of Canada
2.2 - BC Stats Consumer Price Index
2.3 - Statistics Canada Monthly Labour Force Survey
2.4 - Statistics Canada Monthly Labour Force Survey
2.5 - Statistics Canada Retail Trade by Province
2.6 - Statistics Canada Gross Domestic Product
3.1 - Stats Canada Revenue, Expenditure & Budget
3.2 - Statistics Canada Investment in New Housing
3.3 - Index Mundi (Monthly Spot Oil Prices)
6.1 - Zonda Urban New Home Source Database
6.2 - Zonda Urban New Home Source Database
6.3 - Zonda Urban New Home Source Database
6.4 - Zonda Urban New Home Source Database
7.1 - Zonda Urban New Home Source Database
7.2 - Zonda Urban New Home Source Database
7.3 - Zonda Urban New Home Source Database
7.4 - Zonda Urban New Home Source Database
8.1 - Zonda Urban New Home Source Database
8.2 - Zonda Urban New Home Source Database
8.3 - Zonda Urban New Home Source Database
8.4 - Zonda Urban New Home Source Database
AFFORDABILITY INDEX
SOURCES
Assumed Down Payments
• Wood frame and concrete condominiums: 20%
• Townhomes: 30%
The reason for the difference is the assumption that townhome
buyers are more likely to be move-up buyers with equity built
up in their existing property.
Analytical Methods
Five year, fixed rate 30-year amortization mortgages were
used, taking an average of the best rates at eight banks at
the time of analysis and taking the greater of the average
plus 2% or the five-year benchmark rate published by the
Bank of Canada.
Other Assumptions
The affordability index assumes that a person can afford a
maximum of 32 percent of their gross family income to go
toward mortgage payments.
METHODOLOGY
& DEFINITIONS