Renting Vs. Buying: What You Need To Know Now

Vancouver’s hot real estate market makes the eternal “To rent or to buy?” question all the more relevant. Sure the bottom line is often calculated based on your personal situation and the market at that particular point in time. But there are a few other factors to consider.

The Cost of Home Ownership

A lot goes into a home: maintenance, electric bills, taxes, unforeseen costs, and in the case of apartments and townhomes, strata fees as well. While renting, depending on the type of agreement, is more often than nought one lump sum that leaves renters without the responsibility of expenses and “extra bills” to pay, it also leaves you without a real sense of security. Your home is your sanctuary, and while in this market while even with a hefty down-payment, renting can seem attractive, in the long-term game home ownership offers a sense of security that renting does not..

Where is the Vancouver Real Estate Market Going?

While purchasing a Vancouver property as an investment can help smooth over what can seem like higher home owning costs (vs. the simplicity of renting) because the long-term goal is profit versus the sometimes short-sighted what you pay-per-month, it all comes down to the market. Yes, prices in the Vancouver real estate market have been soaring. But what will new legislation on foreign investment and mortgage requirements mean for it? Only time will really tell.

Thinking Outside the Buying Box

While Vancouver’s heated market makes renting more of the social norm than not, purchasing your own home is still seen by many as an achievement; that rite of passage to the next level of success. If owning property is a dream of yours even in this market of ours, there are many options to making it a reality. Narrow down your must-have list in a home, what you’re willing to compromise on, and even if you’re willing to co-own with family or good friends! Then consult with a professional real estate agent to start your search today.