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3 ways to know if you can afford Vancouver real estate

We all know that the price of real estate in Vancouver is astronomical – but I’d argue, you get what you pay for in our beautiful city!

Given the cost of living here, a lot of people question if they can afford to buy a home in Vancouver.

The short answer is “yes”, but you have to know how to make it happen. Luckily, I’m here to share my tips with you!  

How to afford Vancouver real estate

1. Watch out for condo fees

Condos can be a great way of entering the Vancouver real estate market.

The only problem?

Condo fees.

These extra fees can more than double what you thought you would be paying per month on your mortgage.

The best way to combat this is to ask your Realtor about condo fees early on – and to carefully read the condo’s strata minutes to watch for signs of a special assessment or major condo fee increases, such as talk of a new roof or exterior renovation!

2. Be aware of taxes

Vancouver property taxes are no joke – and, like condo fees, these taxes can really affect your annual cost of living. So, it’s important to get a sense of what your taxes will look like before you buy a property.

If you aren’t sure where to get this information, speak with an experienced Vancouver real estate agent, like me!

The key factor in making Vancouver real estate affordable…

3. Choose the right Realtor

When it comes to buying a house in Vancouver, finding the right Realtor is everything! You need someone who works hard on your behalf, to find the right property for your budget and your lifestyle. Some agents don’t have the contacts to find you an underpriced gem that fits your budget. With the right Realtor, though, the world of Vancouver real estate can open right up to you!

Not sure who the right agent is to guide you through your Vancouver home buying experience? Don’t worry; I know! Ready to work together? Drop me a line and let me help you find your perfect new home in Vancouver!

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