In the current economy, Vancouverites can consider themselves lucky: our lending system, which includes mortgage brokers, banks and the real estate industry as a whole, are all thriving. Hot markets like Vancouver have been spared the bad fortune of other countries who have had to grapple with the aftermath of the global economic crisis and can rest easy knowing that they don’t have to be concerned about destabilising market fluctuations.
This stability is largely based on the fact that Vancouver in particular and B.C. in general are highly desirable real estate markets; our mild weather, beautiful scenery and overall quality of life are envied by people all over the country. Let’s face it, in Canada, there are few places that afford as many benefits as our fair city. As a result, people from all over the country continue to flock to Vancouver in hopes of getting a piece of the world-class lifestyle pie.
There are many benefits to buying in the Vancouver market, below are three main compelling reasons you should consider holding a mortgage in the Vancouver market:
- Low interest Rates
Yes, the HST put a (perhaps temporary) kink in real estate affordability, but that only applies to new homes over $400,000. On the plus side, interest rates in Canada are lower than ever, making it an ideal time to make a purchase in Canada’s most desirable city. Taking advantage of these low interest rates will not only help you enter the market with an advantage, but it will allow you to build equity at a lower overall cost. It’s a win win situation with both wins being in your (the mortgage holders) favour.
- Construction boom
Vancouver is experiencing a major building boom, with many large projects having begun in 2010. This reality is creating jobs and feeding money back into the Vancouver economy, supporting in turn a cycle that serves to keep the economy steady-and that includes housing prices. When people are working and businesses are thriving from consumer spending, it creates an environment in which investors can relax when it comes to purchasing real estate. Plus, lenders have confidence in the market, which gives them more wiggle room when it comes to mortgages.
- Vancouver is unlikely to get less beautiful.
Builders and contractors have to mind the challenges presented by Vancouver’s delicate topography and environmental diversity, making sure not to harm the special wildlife habitats and mamrine life that makes our corner of the world so raw and beautiful. While it may be a pain for them, it is good news for those buying in the Vancouver market; it means that the city and it’s surroundings stay beautiful and real estate values stay high. This reality lends itself to the stability of housing prices because regulations are likely to become more stringent than less, making property more valuable. Home buyers recognize the value in this and are willing to pay for it. This means, when it comes time to sell in Vancouver home (but why would you?), you can rest easy knowing that you will make your money back, plus some extra.
When you decide that Vancouver is the place for you and it comes time to find the right mortgage, contact me to explore your best options, I’m always happy to help.
