VANCOUVER (NEWS 1130) – It’s a question almost every first time homebuyer faces in Metro Vancouver: How can we afford to purchase a place in such an unaffordable market?
Many would-be property-owners have been forced to get creative, looking at alternatives to traditional real estate financing and ownership, and a forum today at SFU Harbour Centre is meant to help you navigate some of the latest trends.
“There are some really interesting trends out there right now. When you go out to get a mortgage, there’s more than just bank financing available,” says Bob de Wit, CEO of the Greater Vancouver Home Builders Association, which is presenting the event.
“For example, one of the emerging trends is rent-to-own. We’ll talk about what that is and what the contract should look like when you set that up. Another new form of contract for buying a home is where you offer ‘homeshares’ — a shared equity arrangement — where you aren’t the sole owner of the home. That allows you to get into a home you might not have been able to afford otherwise,” he tells NEWS 1130.
“And then we look at reverse mortgages for parents who want to help their kids finance their homes but still want to stay in the home that they are in.”
The forum — which includes presenters from BC Housing, CMHC and the Real Estate Board of Greater Vancouver — also tackles topics like how to identify up-and-coming neighbourhoods and navigating the world of strata.
“We take an especially close look at the markets that are hot and emerging, where people should consider buying for the appreciation of equity,’ says de Wit.
“And then we bring in developers who will talk about some of the emerging housing forms like micro-suites and where to find the best current inventory of presales.”
The actual process of shopping for home will also be covered.
“We look at how to find out where the hot markets are, where the value will appreciate over time, as well as how to provide the best home for you and your family.”
The Homebuyer Forum is free to attend, and will be streamed live but both options require pre-registration.