Why is now the time to buy/sell in Vancouver?
Let’s break it down:
According to the Real Estate Board of Greater Vancouver (“REBGV”) there was a 56.2% increase in sales with respect to residential properties in September 2019 compared to September 2020.
What is this attributed to?
The REBGV also says that there are mainly two factors contributing to this rise; one, unfortunately COVID, which has forced us all to look at our living situations due to the amount of time we are spending at home. And two, lower interest rates. What a great time to buy!
If you are a homeowner already and you are saying to yourself, this is all well and good, but we love our family home and we do not want to sell or can see ourselves living in a different property. Valid point, I can see where you are coming from especially if your home is one full of reminiscence of years gone by raising children and creating lifelong memories. In essence, a home can become an extension of your family.
So, why should you care about the real estate market?
How does “investment property” sound to you?
You should care or perhaps entertain the idea of purchasing an investment property because now is the time! Investment properties are a great way to create legacy wealth and an efficient way to assist in paying down your current mortgage. Can you imagine paying off your mortgage faster AND owing an investment property … or two …?
You might be asking yourself how is it possible to own two properties in our very robust and yes, expensive market? There are many other towns where owing property makes sense and may be a good fit for you.
Just because you live in the Lower Mainland does not direct that your investment property must be there too. There are quite a few affordable areas that are perfect for investment property purchases – let’s connect and talk about it!
On the other hand, if you are not a current homeowner and are dreaming of getting into the market, this is your sign – now is the time.
Your first move would be to get pre-approved for a mortgage so, you have a definite idea of what you can afford. With these interest rates it’s practically free money – OK, maybe not free money but it’s a wonderful time indeed.
Do any of these two ideas fit you; investment property or first-time home purchase?
If so, contact me and we can go for a coffee or a Zoom and have a chat. I would love to meet you and hear about how I can assist you in your goals of homeownership.
Thank you again for your trust, it means the world.
My very best wishes,