'Psychological return on investment': Buyers are weighing home prices with the time it takes to commute to work.
Getting stuck in traffic is a common headache and for some a pet peeve, but is it enough to influence where someone chooses to buy a home?
Preferences on how someone gets to work and the time it takes to get there can influence the city that a potential home buyer looks in, and trends in home pricing. As achieving home ownership becomes increasingly difficult for those in Metro Vancouver, more attention is being paid to the factors that might influence affordability, according to those who spoke to Glacier Media.
“Is the home value impacted by the commute? Are the values low enough in suburbia to, in other words, give you a kind of psychological ROI?” he said. “We're seeing this assessment of home values compared to time spent to get to work.” In Abbotsford, the single-family home benchmark price increased by 50.5 per cent, from $827,300 to $1,245,400, between June 2020 and June 2023, according to data from the Fraser Valley Real Estate Board.
Vancouver's average commute time is 27.3 minutes, according to Statistics Canada data published in June.
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