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Metro Vancouver homebuyer’s guide

By Ross McLaughlin for CTV News

Things are turning around for those looking to buy a home in Metro Vancouver. We are now into a buyer’s market, and real estate agents are gearing up for a busy spring season.

You need to be prepared before heading out to look for a new home. CTV News sat down with the Phil Moore, the president of the Real Estate Board of Greater Vancouver, for some valuable advice.

Here are some things to consider:

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1Secure financing

You need to take care of your credit score. Typically, those with lower scores turn to the secondary mortgage market for financing where they’ll likely pay a higher interest rate.

Get preapproved for a loan so you know exactly how much money you can spend but don’t be tempted to borrow the maximum amount available to you.

“What’s your mortgage payment that you’re comfortable with? And take into the fact the taxes you’re going to have to pay, if it’s a strata – what the maintenance fees are, if it’s a home what type of maintenance are you going to have to pay in the future?” Moore pointed out.

Be aware of the type of loan you secure and make sure it’s one that you can afford over the long term.

2. Remove emotion

When buying a home you should concentrate on the hard numbers and the facts. Does the property really make sense for you? It may be appealing and offer all kinds of features, like a built in sauna or hot tub. Those things need maintenance. Do you really need the space? What if you had to turn around and sell it quickly, is it the type of property that would appeal to a lot of buyers?

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*Considering a real estate transaction? One of the first decisions you will need to make is whether you should work with a licensed real estate professional who will represent you. Take a moment to read this important consumer protection information from the Real Estate Council of BC. This form explains the special legal duties that real estate professionals owe to their clients. CLICK HERE and please call 778-847-2854 or 778-866-4574 immediately if you would like to discuss.

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