Based on the article Canadians struggle with high housing costs in the Vancouver Sun, 67 percent of Vancouver households struggle with housing costs, and cited a problem with affordable housing. (I know its a shock that Vancouver housing is unaffordable…try and contain your disbelief).
There is not much new to this article, albeit I am surprised that Vancouver isn’t the least affordable community in Canada, with that honor being bestowed upon Niagara Falls. It states that the increase in fixed mortgage rates that has happened yesterday is going to further decrease affordability of housing in the Vancouver area, and states that high costs have caused developers to build high end properties instead of building more affordable housing.
It has also stated that the costs are so high that it creates a health threat to Vancouver residents who cannot afford healthy food or exercise. (So next time you don’t feel like going to the gym or eating vegetables, just blame it on housing costs).
Vancouver is truly a very unaffordable place to live. It is both a blessing and a curse that Vancouver is probably the best city to live in in Canada and one of the top places to live in the world. Whatever mortgage rates are…Vancouver will only get more popular and more crowded. My reaction to the reports call for affordable housing in Vancouver is that it is an oxymoron, and that is not going to change.
The thing that gets forgotten in the talk about finances and property values is that the main factor is that people want and need a place to live. They want a place of their own to call home, and once they have it all other factors of market conditions become secondary. It is an emotional security blanket, and if you are able to buy, there is never any better time than the present. More people are coming to Vancouver…they are coming all the time, and if you can afford to get in, do it while you can.
In these conditions in this Vancouver market, you need a Mortgage Broker to ensure you can get approved to buy a place of your own. Rates are increasing and lending mortgage policies are being restricted. As someone who is knowledgeable with many different lenders, even I don’t always get an approval in the first place I submit a clients file to. Why run from bank to bank seeking an approval when you can have someone who is knowledgeable with mortgage lending do it for you? Simply fill in the form below and we let us help you in your home search.