There’s a lot to love about living in Vancouver—the vibrant culture, the excellent schools, and the clean, livable surroundings. No wonder the city is regularly voted as one of the best places in the world to live in.
Being a world-class city, however, Vancouver’s home prices are, unsurprisingly, rather steep. As this article from The Globe and Mail reports, housing costs recently reached a new peak in July:
Prices in Vancouver for single-family detached homes have hit new heights.
The home price index, calculated by using a formula that strips out the most expensive resale properties on the Multiple Listing Service, reached $2,273,600 last month for a detached house on Vancouver’s west side, up 9.9 per cent from July, 2013.
July’s benchmark index price for a detached property on Vancouver’s east side rose 10.3 per cent year-over-year to $932,000…
Greater Vancouver, which includes suburbs such as Burnaby and Richmond, saw the home price index hit $628,600 last month for resale detached properties, townhouses and condos, up 4.4 per cent from July, 2013.
The Real Estate Board of Greater Vancouver says that these figures might be skewed by sales of luxury homes, which naturally have higher asking prices. Regardless, statistics also show that home sales in the Greater Vancouver region are actually on the rise, reaching 3,061, which is 3.9% higher than the same period last year.
If you want to buy Vancouver houses for sale, though, be sure to take heed of these money-saving tips from real estate agency RE/MAX Crest Realty Westside:
A Matter for Size
The more square footage a lovely house for sale in Vancouver has, the heftier its price tag. As such, be sure to ask yourself if you really need a five-bedroom home or if a three-bedroom one will suffice.
Save Up for Your Down Payment
The bigger your down payment, the more attractive the interest rates you’ll receive—and the more money you’ll save over the next few decades. You may need to delay your purchase a bit to beef up your down payment lump sum, but it’ll be worth the wait.
Fixed is Good
When shopping for a mortgage, be sure to get a fixed rate loan instead of a variable rate one. By doing so, you’re guaranteed to pay the same monthly installment no matter how the real estate market performs.
A Little Bit More
By paying a $100 more each month on your mortgage, you can shave four years off a 30-year $250,000 mortgage at 6 percent interest, and save a cool $72,000 in the process.
(Source: Vancouver housing prices rise to new highs, The Globe and Mail, August 05, 2014)