RSS

You CAN own in Vancouver

We recently sent out pamphlets in the Vancouver area, targetting renters and explaining how they could get into the ultra-competitive Vancouver market.  The premise is that with the low interest rates, and 5% down, your mortgage payments and maintenance fees are lower, or similar, to what you pay in rent per month. For example:

 

The average monthly rental in Vancouver is $1807 per month.

 

Over 200 properties have sold in Vancouver for under $475K, which is important because it allows first time home-buyers to avoid the transfer tax.

 

Interest rates for today, according to Macklem Mortgages are $3.67/100,000. Therefore, for a $470K condo, you would need a 5% down payment of $23,500 and your mortgage payment would be $1638.66.

 

Of course there are other things to consider, such as taxes, maintenance fees etc. but the point is that you dont have to be a millionnaire to own your own home in Vancouver. 

 

We thought we were pretty smart when we sent out these brochures, and I think we've been validated with a recent Vancouver buzz campaign #dontneed1million to own in Vancouver.

 

Happy hunting!

Comments:

No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.