It’s no secret, with Vancouver’s median home price at $700,000 and the median household income at $60,000, buying a home in Vancouver can present a bit of a problem.

But, problems are meant to be solved and here’s a possible solution.

Here’s a strategy that many of our clients are successfully using to purchase the home of their dreams.

This strategy not only enables them to qualify for the home that they want, but it also helps reduce the stress often associated with buying a home.

Let’s start by looking at what $60,000 per year actually qualifies you for in terms of purchasing a home in Vancouver.

Assuming you have very little debt, you would likely qualify for a purchase in around $300,000.

While that may get you an apartment in Vancouver, it by no means gets you a house.

Simply put, there are only two ways to qualify for a higher priced home in Vancouver, put down a ton of cash or add to income.

Putting down a ton of cash is pretty straight forward, but let’s talk about how you might add to income as a strategy to purchase a home in Vancouver.

Imagine you had a family member, a friend or a colleague who also made $60,000 per year. That automatically adds another $60,000 income per year to the equation.

Instead of only having $60,000 to qualify with, you now have $120,000 per year total annual income.

That can make a HUGE difference in your buying power.

Now instead of only qualifying for an apartment in Vancouver, you may qualify for that house you’ve always wanted.

While buying together, you also have the option to have only one go on title. That way, the co-signor still preserves their first time home buyer status. As you may know, first time home buyers don’t have to pay the property purchase transfer tax. To obtain full exemption, the purchase price must not exceed $425,000.00.

Buying together not only increases your buying power, it reduces the risk. You now have someone to divide the monthly payments with. It can also be a great investment. Not to mention the fact that it creates forced savings.

And remember, the government allows Canadian taxpayers to be exempted from paying capital gains tax when their principal residence increases in value. Simply put, any increase in value is tax free.

We also have the ability to potentially add renovation costs to your mortgage. Performing a renovation is one of the best ways to add value to your home and increase that tax free benefit mentioned above.

To find out more about this or our zero down program please contact me directly at 604-273-2002

Mark Fidgett is a Vancouver mortgage broker and the driver behind www.NotaPennyDown.com

Your Vancouver Mortgage Broker For Life

www.notapennydown.com

604-273-2002

P.S. Who’s the next person you know who wants to save thousands off their mortgage?
Be sure to give me a call so we can help them!
604-273-2002