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.
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..
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.
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.
You can use this dashboard to help your search for a new property.
The save searches tab will show you all the searches you have saved. A saved search will let you come back to view new property listings with your given search parameters. For example if you are looking for a 2 bedroom apartment in Burnaby you can save that search and quickly check for new listings or even get us to send you an email when new properties are listed.
The saved listings tab will show all your saved listings. If you are interested in a few properties and want to save them to come back to later this gives you quick access to that.