The CORONA-19 pandemic has posed unique challenges for Vancouver’s real estate market. However, for those ready to venture into a condo or townhouse in Vancouver, there are terrific opportunities to explore, particularly if you’re a first-time buyer.
Government initiatives to bolster the market in conjunction with an incredibly affordable interest rate are a winning combination that has begun to entice buyers back into the market. Additionally, while there are fewer homes for sale, there are also less buyers, which means greater power in terms of price and negotiation.
Freedom to Act
Without capital tied up in existing property, there’s no impact from an economic downturn. This makes it possible to divert a hard-saved down payment quickly to help secure your property of choice. If sellers are motivated and you are preapproved for a mortgage, this could be a terrific opportunity to take advantage of a great buy.
While being a new homebuyer is often synonymous with compromise, a market of virtual tours, limited viewings, and social distancing has limited interest. A lot of buyers are waiting for a green flag to start looking, which means if you’re savvy about using computers to understand floorplans and layouts, there are opportunities to search leisurely and find a property that fits your needs and expectations.
Incomparable Interest Rates
Of course, the most compelling reason to invest in a home is the low interest rate. In early March, The Bank of Canada slashed interest rates from 1.75% to 1.25% which boosted market activity. At a benchmark rate of 0.25%, this is a great opportunity for buyers who may have struggled to meet previous requirements, or those who simply want to take advantage of a rate where more money goes towards paying down the actual property.
An Experienced Townhouse Realtor in Vancouver
Homebuyers willing to brave market conditions could enjoy a strategic advantage, particularly from motivated sellers who are open to negotiations. If want a real estate agent with proven experience working with townhouse and strata properties, Ariane Benjamin of Stilhaven Real Estate offers more than 15-years’ experience and a perfect 5-pint rating on Google. Reach out at (604) 779-1500 to schedule a complimentary consultation.