Happy Thursday Everyone
I hope you are all well and taking advantage of this extraordinary weather we are having in Vancouver at the moment. It feels like summer and lends itself to spending quality time with friends and lovers, and not forgetting the pooches, picnics packed, barbecues flaming, beer and wine chilling and soaking it all up. Life is good!
I was at a great two day real estate seminar this week at the Fairmont Hotel in the city, delivered by a Californian Coaching and Synergy Company who are just the best in the business. They are called "Buffini" and it is all about working with clients in a symbiotic relationship where we all get so much more out of the experience and the kind of business model that I love.
During the seminar, a very interesting statement was hailed from the stage: We live in the payment and not in the price.
It is so simple and obvious and yet so much of us miss the concept altogether. People get so focused on the purchase price and don't pay enough attention on the monthly payments, no more so than here in Vancouver. With so many potential buyers out there still waiting for the mythical Vancouver Bubble to burst, it is amazing to see how much they are missing out on.
Vancouver is it's own market, especially as it is the easiest part of Canada to live where we don't have to deal with extreme weather conditions (-40c ouch!), incredible location and approximately fifty thousand people immigrating here every year bringing so much to the local economy. Still rated in the top three cities in the world to live, this place is only going in one direction and that is up.
Real Estate markets go through peaks and troughs like any other market and the Vancouver markets are no exception. Right now with so much property listed, fantastic interest rates and great bargaining power, this is one of the best times we have seen in ages for a buyer to take advantage, get out of black hole renting and making this city work for you. If you don't have the deposit some banks will loan you the money and add it to your mortgage payments. They don't advertise this but it is available to you if you have a good credit rating, employment and rental history.
The low interest rates won't be around forever, especially as the US housing markets and economy in general are picking up steam. As that starts to peak we can all look forward to a rise in interest rates and monthly payments. And that is what we live in. Buy something now with a great long term fixed rate or sit on the fence and down the line you will definitely be paying more.
So for all you potential buyers out there: If you are still renting, throwing your cash down the black hole, have a steady job, a good track record, let yourself take the plunge and you won't regret it like all the others that have gone before and created financial stability for themselves. Make this place for you!
Have a great weekend and stay tuned for more.
Cheers
Gerry
