Lower interest rates – announced by the Bank of Canada last week – will mostly benefit first-time home buyers.
Getting into the market is affordable with mortgage rates today. It’s better for first-time buyers to take that plunge now. You never win trying to time the market.
Many of those prospective buyers entering the market for the first time will look toward condos for their inaugural property purchase.
The lower rates will enable people who might not have been able to afford a mortgage before to get into the market instead of rent.
The lower rates will also benefit homeowners who are already in condos and are hoping to finally make the jump into a townhouse, duplex or detached single-family home.
Indeed, the price gap between condos and detached single-family homes in the city is widening, especially considering the continued lack of available detached homes and townhomes in Vancouver.
For those of you waiting and waiting for the prices to drop, it is not happening. Get in before you are priced out of the market.
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