{"id":62,"date":"2015-11-08T08:20:00","date_gmt":"2015-11-08T16:20:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=62"},"modified":"2015-11-08T16:20:51","modified_gmt":"2015-11-09T00:20:51","slug":"the-market-waits-for-no-one","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2015\/11\/the-market-waits-for-no-one\/","title":{"rendered":"The Market Waits for No One!"},"content":{"rendered":"

Even in times of record low mortgage rates, first-time home buyers still find it difficult to get into the real estate market what with property values seemingly increasing month to month. So what can you do to get into the market?\u00a0 The strategies for getting into the market have changed from past generations.<\/p>\n

Stop trying to find the perfect home.<\/strong>
\nMany buyers feel they need to fall in love with everything about their first home. However, in a market like Metro Vancouver, the important thing is to just get into the market.\u00a0 For instance, if you can\u2019t afford to purchase in the neighborhood you ideally want to live in, consider purchasing where you can afford now with the intention of renting the home out.\u00a0 You can then rent and live in a neighborhood you prefer while renting out the home you purchased.\u00a0 Look for a good location with convenient amenities such as transit and grocery stores.\u00a0 This will give you an advantage when renting as well as when it comes time to sell the home in future.<\/p>\n

Forget the 20% down payment \u201cRule\u201d.<\/strong>
\nIf you are finding it impossible to save for a 20% down payment, look into going with a 10% down payment.\u00a0 Mortgage brokers will advise you not to put down less than 20% down as the Canadian Mortgage and Housing Corporation (CMHC) requires you to pay an insurance premium under 20%. However, the pros and cons of sitting on the sidelines while you save for a larger down payment need to be examined.
\nAccording to the CMHC, a $350,000 home with a 10% deposit would incur an insurance premium of $7,560 that may be paid as a lump sum or incorporated into your monthly payments.\u00a0 If we assume a lump sum payment for the insurance premium, an interest rate of 3.04% (RBC posted 2 year rate) and a 25-year amortization, monthly payments with 10% down would be $1,497.40 and with 20% down would be $1,330.85.
\nWith property values steadily rising, you must decide as a first-time home buyer if you can afford to wait 5 or more years till you have a 20% down payment. It may be worth it to pay $7,560 in premiums and an extra $170 per month in mortgage payments now to get into the market and start building equity.<\/p>\n

Being a first-time home buyer isn\u2019t easy, however the goal should be getting into the market as soon as possible so you can enjoy the increase in equity which traditionally comes with a long term real estate investment.<\/p>\n

The Market Waits for No One!<\/a> by MAC Marketing Solutions<\/p>\n","protected":false},"excerpt":{"rendered":"

Even in times of record low mortgage rates, first-time home buyers still find it difficult to get into the real estate market what with property values seemingly increasing month to … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-62","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nThe Market Waits for No One! • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2015\/11\/the-market-waits-for-no-one\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Market Waits for No One! • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Even in times of record low mortgage rates, first-time home buyers still find it difficult to get into the real estate market what with property values seemingly increasing month to … [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2015\\\/11\\\/the-market-waits-for-no-one\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2015\\\/11\\\/the-market-waits-for-no-one\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"The Market Waits for No One!\",\"datePublished\":\"2015-11-08T16:20:00+00:00\",\"dateModified\":\"2015-11-09T00:20:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2015\\\/11\\\/the-market-waits-for-no-one\\\/\"},\"wordCount\":425,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2015\\\/11\\\/the-market-waits-for-no-one\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2015\\\/11\\\/the-market-waits-for-no-one\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2015\\\/11\\\/the-market-waits-for-no-one\\\/\",\"name\":\"The Market Waits for No One! 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