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Renting vs. Buying

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Get to know the Pros and Cons and the best option for you.

There once was a time when renting your entire life may have made reasonable financial sense. It was only a generation ago that mortgage rates were in the double digits and affordable rental units were aplenty. But over time, borrowing rates have fallen, and in major centres in Canada, rental rates have skyrocketed.
 
It now appears the attitude among Canadians is to buy as soon as you possibly can. While home ownership is a truly rewarding goal to achieve, you really need to assess your own situation to ensure you are making the best decision.
 
Below is a little graph to help you decide whether you should stay a renter or take the plunge and buy. If buying is not an option for you yet, get a head start by learning the in's and out's of the home buying process.If home ownership is a serious goal, partner with a mortgage broker in your area to discus your individual situation. As far away as the goal may seem, you might be surprised how a professional can help you get your foot in the door - or at least in the right direction!
Article from Dominion Lending Centres - 2019 Special Edition - The Mortgage Annual

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What is a pre-sale?

Example scenario: When the developer intends to build an apartment building and applies for financing, the bank will grant financing under certain conditions. One of them will likely be a certain percentage of pre-sales the developer will need to secure before receiving the funds.
It is common practice for a developer to approach several real estate investors and offer them an opportunity to purchase units of the non-existent building at a discounted price, and on good terms.

Once the number of pre-sales is accomplished, the developer goes ahead with the construction, which will likely take two years or longer to complete. During construction, their marketing team offers the remainder of the units for sale at market value to the public.

If you are a RE investor, you know that it is preferable to be buying at the pre-sale prices, not market value prices.

The question is, how do you get the invitation to buy a pre-sale?
In the past many years, investors have made substantial income by buying at wholesale prices and selling at retail prices even before they needed to complete their purchase. I saw many of them lining up and sometimes even camping overnight in front of the sales center to get a chance to buy at lower prices, but not everyone was lucky enough. You needed to be well-connected to get an opportunity, and you had to act fast.

Today is a bit of a different story. Several projects in the Lower Mainland and Fraser Valley offer really good prices and incentives to secure a unit now and complete the purchase two or three years later. The list of incentives varies from one project to the next. Besides attractive prices, you can get low deposit amounts (5-15%), low or no assignment fees, free updates, a mortgage rate buy-down program, extra parking and more.

A month ago, I helped a few of my clients purchase a presale in Surrey that sold out in 2 days, and I know of another good developer that will be offering a few units for sale as well.

If you would like to know more about these opportunities, I would encourage you to call or email me, and I’ll be happy to send you details on those projects.
 
Kind regards,
 
Tibor Bogdan
Century 21 Creekside Realty Ltd.
45428 Luckakuck Way #190, Chilliwack, BC V2R 3S9
cell: 604-855-2521
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