After starting the new policy in July, Canada government thinks up to 5% of potential home buyers can not meet the mortgage requirements and will not be able to purchase houses. But in Vancouver, real estate market is still hot. People just are more careful to invest in their target houses, and seek some new ideas to afford it.
First of all, let's try to understand what makes Vancouver the perfect place to live. To start with, Vancouver boasts of amazingly warm climate with a temperature of around 22 degree Celsius throughout the year. This is the perfect weather for living or indulging in any type of activity such as sports or fitness. Though Vancouver is one of the most densely populated cities of the region, you can attribute it to its many excellent qualities that make people buy home in Vancouver rather than any other North American city.
Be financially ready and decide your budget. Make sure you have at least some of your down payment saved. Also, ensure that you are already capable of managing your debts, like those from loans or credit cards. You must realize that mortgage is a great responsibility. It is a financial aspect that will require you to maintain it continuously.
There are too many money lending institutions today from banks to lenders to credit unions. When you have to decide which one to go to, shed your inhibitions and ask all around the town, including your family and friends. Your agent/realtor will also know a lot about mortgages so you can ask him or her for some sound advice too. They might even get you in contact with a mortgage broker.
If your budget is really tight, consider "Shared Equity": a smart method to get an affordable house in Vancouver. You will have your own shared equity investment or co-ownership. There is a service named as: "Mixer Mortgage" or "co-borrower mortgages" in many banks. It allows family members, friends or partners to share all the expenses of purchasing a home, both one-time and monthly costs like deposit, mortgage, etc.
You can draw up an agreement at this point after some required math. Supposing that one takes the suite, the other the laneway and the yet another, the main space, the house can be divided and you can now afford to purchase the house. It will require you to sign a contract with your friends regarding the house.
Make a plan, pick the location, hold your emotions. This makes it pertinent on you to chalk out a plan which would make purchasing your house much easier. Planning would enable you to understand your wants with more clarity in terms of choosing a home with more bedrooms over choosing a house with a bigger garage or a bigger kitchen or a fireplace in it.
And, it is one of the most important functionality of the sellers to make complete disclosure of known material defects. As such, you ought to have the copy of such disclosure from the seller well written and documented with necessary signature and formalities affixed on the same.
The longevity or the duration of stay you anticipate to live in your next home should be a significant factor in determining whether you desire to rent a place or buy it instead. Hence, only if you wish to stay at a single place for a long duration it is optimal for you to buy the place, otherwise think of renting a place instead. This is because if you plan to stay in your next home for a shorter duration then buying it would not make much of a financial sense, which according to research by the National Multi Housing Council (NMHC) is termed as a financial mistake. Staying for a relatively shorter duration or a short time such as mere couple of years in your next home would defeat the theory of total cost of homeownership. Also, if your other payments such as utility bills, repair costs, property taxes, and maintenance costs are to be considered in the cost of ownership then in my opinion it would indeed be a financial debacle for buying a house just for that short period of time, especially buying house in Vancouver.
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