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This video is targeted to all the people I see posting on various media websites about how the Vancouver Real Estate correction is happening now and prices are about to plummet. If you’re currently on the outside looking in and waiting for a price correction to happen, then you better make sure you’re prepared to capitalize. Now, if you have been watching my blog for the past 6 years you know that I do not recommend you ever try and time markets. Especially a complicated market like Vancouver Real Estate. However, if you must, here is a checklist of what you’ll need to have ready now:

1. The downpayment. Usually anywhere from 10 to 20% depending on your financial situation and your income. So, to purchase a $500K 1 bedroom you’re going to need $50,000 to $100,000 cash in the bank for the downpayment.

2. A mortgage pre-approval from a lender to borrow the other 80 to 90%.

3. A strike price. This is the area that trips up most market timers. When we do get a correction in prices they tend to stay frozen on the sidelines waiting for the prices to continue falling. Afraid to step in and buy for fear of not getting the absolute bottom price. Which of course in nearly impossible to time correctly. 

If you don’t have these 3 items locked-in then you are not in a position to buy. Thus you will more than likely continue to stay on the sidelines watching the market (or complaining) about the market.

I would suggest you focus on saving the downpayment, Getting a pre-approval locked in from your bank and buying when you can afford it regardless of the current market situation. If the market happens to take a 5 or 10% correction while you are in the process of getting these things done then count yourself lucky!