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Pro tip: I used to think a 20% down payment was the only way to buy a house in Vancouver
Five years ago, I saved up 80 grand for a down payment on a condo, thinking that was the smart move. Now, with prices up another 40%, that same amount barely covers the minimum on a smaller place. I had to switch gears and get a high-ratio mortgage with mortgage insurance, which adds a few hundred to my monthly payment. Has anyone else been forced to buy with less than 20% down just to get in the market?
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taraj114d ago
Didn't I read that most first-timers in Van are doing this now?
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brookef733d ago
We booked a private guide for Stanley Park last summer... totally worth the extra cost to skip the crowds.
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