B.C. Property Market: How Minimum Down Payments Have Changed During the Pandemic
Amid the ongoing pandemic, British Columbia residents are facing a housing affordability crisis as minimum down payments for homes have increased across the province. According to a recent report by Zoocasa, the down payment needed for an average detached home has increased by over $100,000 in 10 markets, with the largest increase observed in Surrey. Both detached homes and condo markets have been affected, resulting in a record-high number of non-owners believing they will never be able to buy a family home.