You may have seen the latest MoneySense article we shared on social, Where to Buy Real Estate in 2019: Greater Vancouver, which outlined some of the hottest neighbourhoods in Greater Vancouver/Fraser Valley to purchase a property today.
On the list, was Aldergrove (#6), Brookswood (#25), and Langley City (#53); respectively – which came as no surprise to us.
If you’re a homeowner in the Greater Vancouver/Fraser Valley region, you know that last year was literally a very taxing year for property owners. In an attempt to cool the scorching hot Real Estate market, the government implemented new taxes and regulations; like the mortgage stress test as well as others intended to target speculators, foreign buyers and money launderers.
As you can expect, these regulations certainly DID cool the market, as intended – for the first time in years we saw a reduction in sales inventory and in prices; particularly those in the higher brackets.
Although it’s certainly been a confusing time to navigate, it can mean great news for today’s savvy buyer looking to get into the B.C. market. Of course, you’ll want to do your research, and consult with your experienced Real Estate team first – but there are some major benefits to purchasing your new home now (and not just to get in before school starts, although that sure is a bonus!).
If you’re thinking of buying, here are your first steps:
1) Give Your Realtor A Heads-Up (or find one)
Many may advise you to get pre-approved for a mortgage before talking to a Realtor, but if you’re really new to the process, just reaching out to your agent or team can be an excellent first step. They can advise you on what the market is doing, and offer you some strategic tips for lining up your next best steps. If you need a mortgage broker, your realtor can even point you in the right direction with a great referral as well.
2) Take a Look at Your Finances
Do you know how much home you can really afford? Typically, it’s suggested that your mortgage, taxes, and insurance should only comprise about 25-30% of your income. While it’s nice to have the largest home you can have in the best neighbourhood, it’s simply not worth it to be house poor – you may need to pay off debts, save for your retirement and for your children’s education, and of course… have some “fun” money for those spontaneous weekend getaways! We always want to be sure our clients live within their means.
3) Go Shopping for a Mortgage Loan
Chances are you’ll be requiring a mortgage loan! Before you actively go shopping for a new home with your Realtor, you’ll need to complete this step first to help you look within your price range. If you’re not sure who to go with, a mortgage broker can shop around for the best product for your needs, but a bank or credit union can sometimes offer you a product that can save you money too.
4) Sit Down with Your Realtor
Now is the time to sit down with your Realtor and make your definitive plan to buy your new home. If you’re a first-time buyer, we can help outline every single step of the process, and if you’re not a first-time buyer and will need to sell your current home as well, we can analyze your situation to determine our best strategy and course of action.
Last of all – start packing!
Buying a new home is a big step – and surely one of the biggest investments you’ll make in your lifetime. For that reason, it’s imperative you have a team of trusted professionals on your side. If you have any questions at all about buying or selling your home in the Fraser Valley, please feel free to give us a call. No matter what stage you’re at in your process, we can help you take a look at your situation and provide you with some market insights that can help you make the best decision for you.
Get in touch today!
Thanks for reading!
The Pontaletta Group