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Renting vs. Owning

I received a call yesterday from a man that was complaining to me how expensive it is to own a property in the Fraser Valley. I could not convince him that he is wrong but I told him a story about a good client of mine that thought otherwise.

Jeanne is a single mother with two children that was renting a 2 bedroom condo. When I met her she was making just a little over minimum wage, and received a few hundred $ in child support, but was really struggling financially. Her rent was ½ of her monthly income leaving very little to live on.
Fortunately her credit rating was reasonably good and with the help from a qualified Mortgage Broker, we were able to secure a mortgage with no down payment and the lender even paid for her closing costs!
Jeanne moved from renting a condo for $1,100 /month
to owning her own condo for $860.00/month.

Now Jeanne and her children have a home they can call their own!


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