We recently sent out pamphlets in the Vancouver area, targetting renters and explaining how they could get into the ultra-competitive Vancouver market.  The premise is that with the low interest rates, and 5% down, your mortgage payments and maintenance fees are lower, or similar, to what you pay in rent per month. For example:

The average monthly rental in Vancouver is $1807 per month.

Over 200 properties have sold in Vancouver for under $475K, which is important because it allows first time home-buyers to avoid the transfer tax.

Interest rates for today, according to Macklem Mortgages are $3.67/100,000. Therefore, for a $470K condo, you would need a 5% down payment of $23,500 and your mortgage payment would be $1638.66.

Of course there are other things to consider, such as taxes, maintenance fees etc. but the point is that you dont have to be a millionnaire to own your own home in Vancouver. 

We thought we were pretty smart when we sent out these brochures, and I think we've been validated with a recent Vancouver buzz campaign #dontneed1million to own in Vancouver.

Happy hunting!

At $2,488,000, this impeccable custom built home was recently listed in desirable Peninsula Park. Nearly 5,000 sq ft. home with exceptional millwork finishing, including: granite counter tops, new appliances, mahogany hardwood floors, crown molding and recessed lighting .

This beautiful house as french doors opening onto private manicured 12000+ sq ft. lot with hot tub, large patio and attached sun room.

Upstairs are three huge bedrooms and bonus room with large laundry room, a spacious master bedroom with fireplace and heated floors in ensuite.

This house also has a fully finished basement with master bedroom and ensuite, games room, second bedroom, bathroom and separate laundry.