The future is coming! It is coming in the form of higer gas and oil prices!
These days many people are Buying further and further into the suburbs to escape higher housing prices in Vancouver's Downtown core. However, let's consider the person who Buys a townhouse out in Langley. Sure they are getting more bang for their buck in terms of price and a small yard of their own. But lets also consider that this person drives a mid sized vehicle and works in the Downtown core. They commute to work five days of the week for the next five years.
Now lets consider this. Not only is this person spending 2 of those years in their car in chock a block traffic doing absolutely nothing, they are spending enough on gas in those 5 years to support the monthly payments on a $100,000 mortgage!
Given the above statistics, I think you will see more people moving closer to work, accepting a larger mortgage, but a slightly smaller living space, and spending those extra two hours every five years with their loved ones.
It just makes more sense doesn't it?
Claire LeLacheur Vancouver Real Estate