Home Buying can be a daunting process; however, it is not always as difficult as it can seem to be.
That 1 bedroom condo you pay $1500/month in rent for, did you know you could own it for a very similar monthly payment even with a minimum down payment? Something to think about....
A few reasons why 2011 could be a great year for you to buy:
- Interest rates are still very low. Yes, they did come up a 1/4 point last week and will probably move up again but 5 year fixed rates are still available for under 4%. (We have no idea how long this may last, if you are considering buying anytime soon talk with your mortgage broker and get a pre-approval/rate hold).
- Prices have come down. Prices will never be where they were in 1999 (without a catastrophic occurrence) chances are they will stay somewhat close to where they are now but again we have no idea of knowing..All we know is that they are at a good place now.
- Emerging Neighbourhoods: If you look around Greater Vancouver we have some incredible areas beginning to emerge. In East Vancouver Gastown continues to emerge as a hub for trendy, local business and boutique restaurants and the Railway District (East of Gastown) has one of the strongest sense of community you will find anywhere. Suburbs such as Port Moody, Port Coquitlam and New West offer sustainable homes (live in for more than 2 years) and great value if you do not mind the commute
Home ownership in Vancouver is attainable. There are sometimes sacrifices to be made but isn't it better to put your monthly rent towards something equitable as opposed to your landlords retirement fund?