A few tips and the steps on buying your first condo. Including budget, location, and the strata corp you are buying into.

We are currently in the fastest and most aggressive mortgage rate increases in Canadian history. Last year at this time I had a variable rate mortgage around 1.8%, today’s it's at 5%. How much higher will it go and what will be its impact on the Vancouver market? I will also follow up on the NDP’s plan to remove the rental restrictions on older strata and how it’s going to remove the last advantage 1st time buyers and young families still had.

In the short term I have no idea, we’re all taking guesses at it. In the long term which is all that really matters to me as a homeowner and investor prices will continue to rise at a slow but steady pace. Mixed in will be spikes of 10-15% in a 1 year period followed by a few flat years and a few down years. It will be a mixed bag, like it always has been in the Vancouver market. Make no mistake over the next 10-15-20+ years prices will be higher and in some cases much higher than they are today. In this video i will give the catalyst for higher prices over the next decade.

I just finished uploading this Apartment/Condo for sale, 2202 2202 388 DRAKE STREET, Vancouver West, BCUnique & Rarely available designer suite on high floor at Governor's Tower in Yaletown. The '02' floor plan is the best layout w/South Facing, unobstructed & panoramic views of David Lam Park, False Creek, Water & City. A perfect home featuring large 100sqft covered, sun-soaked, south-west facing balcony for year-round enjoyment of endless views. Completely RENO'd suite with custom build-ins in living & dining, home office, & bdrms. The spa-like baths feature large tiles imported from Spain, rainfall showers, spacious cabinetry & elegant fixtures. Pro-active & well maintained strata, rain-screened in 2011, inc: new windows, elevators ...

Inventory on good quality Vancouver condos as well as entry level detached homes remains low. What I’m finding is that unless the seller has a gun to their head and needs to sell fast, they are staying patient. Perhaps they are doing a few small reductions and if that doesn't work they are taking it off the market and waiting for a better time. Keep in mind that most Vancouver home owners are well covered financially, they have bought using high down-payments and many have a relatively low debt to value ratio...

People look for the quick and easy way to creating wealth, but what most don’t realize is the chances of that happening are almost zero. You might get lucky for a few years and create some nice gains but eventually it will all come crashing down. Instead you should take the advice of some of the worlds greatest investors. Index invest via low cost index funds ( ETF’s) or perhaps buy and hold high quality dividend aristocrats. Keep your commissions and friction costs low and stick with the program thru good years and bad.

Update: Our useless Mayor I elude to at the beginning has now been removed. Hopefully our new Mayor will take a look at these micro units and start approving them for Downtown Vancouver soon. I’m a big fan of these 200-300sq ft micro units. The design and finishings are fantastic and they provide an excellent entry price point for first time buyers.

The NDP wants to remove rental restrictions on older condos saying that it will open up more homes for renters. At the same press conference, Mr. Eby intends to introduce a flipping tax (I did a video on this 2 weeks ago). Saying that young families and 1st-time buyers are getting outbid by flippers. By removing the rental restrictions he is taking away the one advantage young families and 1st-time buyers had on these units. Now investors will also be able to buy these units, this will cause the price of these homes to rise sharply and in many cases, the families and 1st-time buyers will be outbid by the much stronger investor buyer. In other words it will do the reverse of what the NDP is claiming it will.