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Low Interest Rates Make For Vancouver Fools

Blog by Ian Watt | May 18th, 2017

Ian Watt blogs

about how super low interests rates are enticing to many young buyers but just because you qualify for larger payments doesn’t mean you should. The goal should be to pay off your mortgage in your lifetime. Unfortunately, in Vancouver the goal is to flip or cash out and downsize. However, this means the market has to continue going up at an unprecedented rate.

Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. I’ve warned people before see it doesn’t really matter if you’re in the market and you spending a lot of money on your next property because you’re doing a lateral moves who cares if your one bedroom is $600,000 dollars and you’re going to a two bedroom at a million it doesn't matter your mortgage is still this amount you just have a lot more equity because Vancouver’s gone up. But if you are a brand new person to the market you’ve never bought before you want to get in to the market you have to do some math. Of course you can qualify for a mortgage of $500,000 dollars but should you, Is it cheaper to rent? And buying another area. Is it a wise investment? Ask yourself this, will you ever pay off that mortgage or is your plan just to sell when the market goes up because we should all have the ability to pay off for mortgages in our lifetime but if does not the courage for you, you shouldn’t be getting a mortgage. Think about it. It’s not about accumulating debt it’s about getting debt free think about your finances long term. My name is Ian Watt and if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!