Tips for Buyers
Buying a Home - a Good Investment
Housing
sales and listings activity in January showed a continuation of the
steady market Greater Vancouver experienced through most of 2005. The
Real Estate Board of Greater Vancouver (REBGV) reports that overall
sales of detached, attached and apartment properties increased by 13.2
per cent to 1,924 units sold in January 2006, compared to 1,700 sales
in January 2005.
So, at these higher prices does it still make sense to buy ?? If you
are renting, think how many thousands of Dollars each year are going
into someone else's bank account, instead of building up your equity.
Capital Gains from your principal residence are tax exempt, and the
leverage obtained with mortgage financing magnifies the effect, since
effectively you've made those gains on your down-payment, not the full
purchase price. Mortgages are available at interest rates as low as
3% on a floating variable loan, or you can lock in for 5 years
fixed at a shade over 5%.
But buying your home is only a good investment if you buy the right
property, and that means getting good advice. An experienced REALTOR® can help you find the right deal, and a qualified Building Inspector
can help prevent nasty surprises later.