Why 2017 is the year Canadian millenials are going to buy their first home

This is the year Millenials

If you were born between the early 1980s and the late 1990s and live in BC, your chance is now. With more buying power and help from the government, this is the year you need to pull your socks up and purchase instead of renting. Why? Here are some very basic reasons why:

  1. Vacancy rates and rental rates are not in your favour. Why was the vacant home tax applied you ask? That’s because the vacancy rates reached a low of around 1% at one point in the greater Vancouver area. Simple Supply and Demand can explain what comes with low vacancy rates…..rental prices increase and they did. Rentals rates are too high here.
  2. You’re paying someone else’s mortgage. Actually, not only are you now paying someone else’s mortgage, but you are making them money while they sleep. Landlords are profiting over and above their mortgage payments with rates so high. Stop giving these guys the money you earn all day at work. Simple.
  3. Buying power is high. After the insane price increases of 2016 and then the newly introduced tax, homes are not selling with insane over asking prices anymore and you can negotiate on home prices. Ask me about my recent sales and how much I was able to negotiate off the sticker price. 
  4. Interest rates are in your favour. When my parents purchased their first home mortgage rates were above 10%!!!! Seriously!!! Worried Willies, Negative Nancies and Bubble Poppers will say “the interest rates will rise so what will you do then? Real Estate Prices will go down the world is going to end!!”   You don’t need to be a scholar to know that Real Estate runs on cycles. You can also make money on homes from more ways than sale prices. Rental investors, hotel owners and commercial real estate investors know this very well. Still, bubble boys don’t seem to get this. Get locked in for a longer term on your mortgage and wait for the next cycle. Don’t over extend yourself and get locked into a good rate now while they are still here. You’ll thank me.
  5. Government help for first time home buyers. in BC you have more grants and tax exemptions than our recent predecessors right now! If the Government didn’t think the real estate prices will continue to rise, why the heck would they do this?! Get in now while you can. Do not miss the boat.
  6. You’re an Adult Now. We are not children anymore. Get out of that basement! In fact, a lot of us are having children of our own and you should start thinking about what you’re going to be leaving for them. You can’t hand them down the rental suite you’re living in. Sorry, hate to burst your bubble. You’re better off handing down a home that is most likely going to rise in value than that basement suite or rental condo.

Now pick up your cell phone and dial this number 778 929 4290

Ask me how to start this process…..  I’m here to help. 

Yours truly,

Ryan Taylor

Ryan Taylor

Ryan Taylor Real Estate Agent

Are you still having some questions? Just contact me and I'll be happy to provide answers and professional advice you are looking for.

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