Re: Rent or buy a house in BC?
 

Agreed but similar situation in UK and much of Europe, both will in my opinion have to default on there debt in the next ten years or sooner.
Although some areas in the US probably wont fall much further because house prices now are under build cost (but look at Detroit) I have been waiting to buy several properties in the Phoenix area and do not think they will drop much more than another 10/15% but its a gamble trying to call the bottom of the market.
Watch gold sore as investors try and find a safe base for there money

Re: Rent or buy a house in BC?
 

I didn't say DC was immune to price fluctuations - but DC area prices seem to have bottomed out and are recovering. In that regard, the DC area has fared batter than most of the rest of the US. I live in Montgomery County, Maryland.

However, everything is relative and depends on many factors. Is my house now worth what I could have sold it for in 2006? No - about 25% less. Is it worth more than I paid for it in 2001? Yes - about 50% more. In hindsight I should have sold in 2006, rented for a few years and bought again this year. If it was easy to know when to buy and when to rent, I'd be rich now. I do know that I'm now paying less in mortgage and property taxes than I would be for rent in my area - plus my mortgage interest is tax deductible.

I suspect the Vancouver market is overpriced but it's hard to know for sure. Waiting for prices to fall could be offset by higher interest rates. Renting might be better than buying for one person - while the opposite is true for someone else. There are no absolutes in real estate.

Re: Rent or buy a house in BC?
 

Yes, if I'm sure of one thing, it's that houses priced in gold are going to get cheaper pretty much everywhere.

Re: Rent or buy a house in BC?
 

Gold is a good buy right now. Silver is actually an even better buy.

Re: Rent or buy a house in BC?
 

Only physical. I've not got any, but if I was going to get some, I'd want the actual stuff, not ETF's or paper.

Tangible goods is where it's at; I suspect the missus thinks I'm turning into a nutter.

Re: Rent or buy a house in BC?
 

Trying to revive the topic. My gut feeling is house prices will eventually go down but not crash. As to when who knows? RE market correction maybe more appropriate but I'm no expert by any means.

We are considering visiting the bank to know how much we can borrow or would it be better to see a mortgage broker? If the latter would they be able to find better interest compared to banks? How about fees, is it a one off fee for their services? Would like to know the process to those who gone thru same process. Many thanks.

Re: Rent or buy a house in BC?
 

Talk to both. Ideally you want as many lenders as possible competing for your business. That way you get the best deal.

Re: Rent or buy a house in BC?
 

Buying vs renting

There is a stack of homeowners who can't sell their homes and its the only thing stopping them from moving back to the UK. If they had rented they would have gone back long ago.

My point is renting is a lot more flexible.. Incidently I know a few people who have lived in their homes for donkies years and never had their rent increased.

Re: Rent or buy a house in BC?
 

we most are certainly nowhere near as f----ed as the US in that regard. Properites are still moving fairly quickly here, if priced sensibly. We sold in one day about a year ago. what the futre holds....who knows.

Re: Rent or buy a house in BC?
 

Not around here. Not enough houses for demand, prices still rising, things still selling.

Re: Rent or buy a house in BC?
 

Anyone could recommend a good mortgage broker?

Re: Rent or buy a house in BC?
 

Anyone could, but will anyone??

Re: Rent or buy a house in BC?
 

Keep renting ,without question. Prices are way too high for a decent property in BC.
$1500 is a good deal and you can sleep at night I'll bet! We rented for 5 years and I have no regrets.
I would save as much as poss for a good down payment for when you decide to purchase.
No real value for money property right now- prices are too high for whats on offer

Re: Rent or buy a house in BC?
 

I think they may have decided to buy, as they're asking advice for a mortgage broker... ;)

Re: Rent or buy a house in BC?
 

Well that's about as broad a statement as you could possibly make.

I picked up a property last month for 35% less than it was valued for taxation purposes, and 30% less than it was on the market for 18 months ago - there are some great deals out there if you look carefully.