Do not pay until 2047. It has a nice ring to it for Canadians who are committed to home ownership but unable to afford the price tag that comes with buying property. No wonder with the price of houses in the Vancouver market.
The reality is the level of speculation in the market has impacted home buyers significantly. Add up the development fees required by the municipalities, transfer fee grabs by the provincial government and the GST for the feds, it is no wonder there is no money for a down payment and even less cash to make monthly payments?
If the Canadian real estate industry hadn’t introduced the 40 year amortization, the robust BC economy that is based on residential construction would come to a screeching halt.
Duncan Seward is a mortgage broker in BC. He helps worthy people who don't fit in the banker's box get the mortgage they want. Quickly, painlessly and at highly competitive rates.
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