Quote:
Originally Posted by iEatClams
valid question, and to be honest it all depends.
but how do you know you will be living in Vancouver for the rest of your life? What if there's an unexpected career opportunity in another city? What if theres a major recession in Vancouver and you need to move to find work?
also, there's a lot of uncertainty right now, why not wait to see where the market is heading especially if you are living at home with parents. ask yourself? what are your thoughts on where the market is heading? Do you feel like it's going to increase 20% next year? if yes then buy now. but most likely you are thinking like most members on here, that it's probably going to stay flat or decrease - with a chance of it dropping more.
so why not wait until next year' to see if it stabilizes or see what the market is indicating. you live at home, save up more money for your down payment. if the market drops 5-10%, congrats, you just saved 30-100K on your purchase price without doing anything. if the market stays the same, you now have a bigger down payment and you will be paying less interest costs to the bank.
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You are correct.
It's all about risk tolerance and the ever dreadful "it depends" (as in moving to another city, life milestones, emergencies, etc.).
I've known some friends who thought buying in 2007 was too expensive.
Fast forward 6 years, and the price of the houses they were looking at increased by 30% to 50% or even more (varies).
And lo and behold, they buy a house in 2012 and rent out the basement suite, because they didn't need that much space.
So, it depends.
It's like rolling a die, and see how it lands.
I agree, right now, it is a bad time to purchase for new home buyers.