There is a lot of headlines that are trying to get attention on both sides of the housing market, the doom or gloom. The facts are there have never been a better time to buy a house. We have the lowest fixed mortgage rates in Canadian history! There is inventory for buyers to look at and room for deals to be made.
As an example, i went through a renovated 1024 square foot, coroner unit, top floor, ocean view in White Rock today. Which is 35-40 min from downtown Vancouver and only 20 mins from downtown Surrey(which is the fastest growing employment opportunities).The asking price is $234,900.
A first time home buyer would need $11,745 as a down payment. Payments would be $1008 per month on a 5 year fixed rate with a 30 year amortization. You take accelerated weekly payments and you can have the mortgage paid out in 26.3 years. This payment is lower then most basement suites or condo rentals.
We need to put housing in perspective. if you live near major cites like Vancouver or Toronto, a condo is going to be your first home. That is how i started my home buying journey and was the best move i made.