Coronavirus outbreak means fewer Vancouver new condo sales this winter: realtor<\/a><\/strong>\r\n <\/div>\nWhile home shoppers have historically shelled out more to be in walking distance of their favourite amenities, premium prices have been dropping in some cities. Meanwhile, car-dependent communities have seen a rise in prices. Nation-wide, walkable home premiums in the United States dipped by 2.3 percent from 2016 to 2019.<\/p>\n
\u201cThe premium drop is tied to affordability. Properties that are more affordable are seeing the most demand and price growth right now, and homes in less walkable neighborhoods often fall into this category,\u201d writes Redfin Chief Economist Daryl Fairweather in the study. \u201cThere just aren\u2019t as many people who can afford walkable neighborhoods. Many house hunters are also willing to move to less walkable neighborhoods in order to get single-family homes.\u201d<\/p>\n
Redfin reports that prices in commuter areas have been on the rise since September 2018. In one such case, prices in car-dependant neighbourhoods saw an 4.3 percent year-over-year increase in July, compared to a lesser 2.3 percent increase of prices in walkable communities.<\/p>\n
While prices in Canada\u2019s two biggest cities have shown few signs of cooling down, smaller price increases have been noted in surrounding communities as buyers seek out more affordable, but less walkable options. In one case, Mississauga, part of the Greater Toronto Area\u2019s Peel Region, saw a median price gain of six percent year-over-year<\/a> in 2019.<\/p>\n
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