People might be surprised at how affordable an older condo is right now. With rock bottom interest rates it's possible to get into a 2 bedroom renovated condo with 5% down and payments of under $800 month. I would think that's more than what most people are paying for rent right now. Sometimes I wonder if the people who are posting all the negative comments about Vancouver real estate (hoping and calling for the market to crash) on sites like the Globe&Mail.com  realize that buying your first home is in reach for most people right now. As a matter of fact it's cheaper now than it was 5 or 6 years ago. Interest rates are not going to stay at these rock bottom levels forever... so what on earth are you waiting for? If you can afford it and you can qualify for a mortgage, the sooner you buy the quicker you can start to accumulate wealth. It's that simple! Remember, all that money you’re giving to your landlord every month is not going to be improving your net worth in any way shape or form. Finally, the sooner you get into the market the sooner you will have that home paid off.