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Is It All Doom and Gloom for First Time Home Buyers?

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  • Is It All Doom and Gloom for First Time Home Buyers?

Housing prices are definitely not what they used to be. The British Columbia Real Estate Association (BCREA) reports that a record 124,854 residential unit sales were recorded by the Multiple Listing Service (MLS) in 2021, a 32.8% increase from 2020 sales. The average MLS residential price was $927,877, an increase of 18.7% from the previous year.

2019 Stats Canada states the average median income for families is $90,000, $96,720 for couples, and $49,910 for single-parent families.

If you are entering the real estate market, combining those two numbers together cannot only be scary, but gives the sense that home ownership may never be a possibility.

With any big purchase in life, planning is essential.

You will see a financial advisor when planning for your retirement.

You will see a mechanic for maintenance on your vehicle.

You will see a real estate agent when it is time to make the biggest, most important purchase of your life.

How can a renter become a homeowner? Robbing a bank is out of the question. Your lender wants to know how you will acquire your down payment.

Find a mortgage broker you trust and respect BEFORE you look at properties. You may find that you’re closer to homeownership than you think, and if not, that’s okay!

A qualified mortgage broker will help you put a plan in place to get you the keys to home ownership.

This plan should involve:

Come work with a qualified and knowledgeable mortgage broker.

Tara Sales - Mortgage West The Right Advice at the Right Time

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