Saving is hard.

One of the great things about the Vancouver housing market is that we don’t have subprime lending.  All of our loans are rock solid and even if they weren’t guaranteed by the government banks would still be eager to hand out the same mortgages.

And yet..

If there’s one thing Vancouverites know, it’s that saving money is difficult.

So what are you to do as a responsible first time home buyer who is unable to save up the hefty 5% required to get a CMHC insured mortgage?

Don’t worry, at least one bank has your back: Vancity will match half your downpayment savings on a home priced under $500k.

Still that’s not exactly zero down, since the CMHC scrapped that in 2008, but if saving up 2.5% is still too difficult you may have other options.

But remember, unless you have a poor credit rating this still isn’t subprime.

Apparently it’s gotten harder to get the long term zero down mortgage the CMHC made available in the past, but not impossible.

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lovely vancouver
lovely vancouver
6 years ago

saving is easy. you bears just have to quit your sense of entitlement, saving can be done in a heartbeat.

The Financial Hub
The Financial Hub
6 years ago

Rob Carrick wrote a great follow-up article on owning a home versus renting and investing the difference

http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/real-estate-or-stocks-the-finer-points/article17945012/?cmpid=rss1

Aggregator
Aggregator
6 years ago

Car dealers hurting lately, even with 0% 96 month finance terms

Lenders gave cars to every and any subprime deadbeat who walked in the dealer, now there's nobody left. Chart

Meanwhile, you have city planners telling everyone to walk and ride bikes.

VMD
6 years ago

4/10/14 Richmond SFH:
Sales: 5 (Month to date: 49)
New List: 11
Inventory: 798

1. 9291 BLUNDELL RD,McLennan North,Ask:$1,300,000,0d,Ass:$1,102,000*
2. 6431 CONSTABLE DR,Woodwards,Ask:$760,000,174d,Ass:$789,700
3. 10051 GILBERT RD,Woodwards,Ask:$848,000,182d,Ass:$928,800
4. 10515 NO 1 RD,Steveston North,Ask:$958,000,184d,Ass:$807,000*
5. 4451 WYNE CR,West Cambie,Ask:$888,000,62d,Ass:$820,000*
(#2,#3 sold under assessed)
* = above ask or above assessed

VMD
6 years ago

4/10/14 Van West SFH:
Sales: 5 (Month to date: 53)
New List: 14
Inventory: 844
1. 2050 W 62ND AV,S.W.Marine,Ask:$3,098,000,71d,Ax:$2,965,000
2. 3320 W 41ST AV,South Lands,Ask:$1,388,000,45d,Ax:$1,642,000
3. 1750 W 35TH AV,Quilchena,Ask:$2,988,000,22d,Ax:$2,497,000*
4. 708 W 63RD AV,Marpole,Ask:$1,599,000,9d,Ax:$1,368,800*
5. 728 W 17TH AV,Cambie,Ask:$1,598,000,4d,Ax:$1,474,000*
(#1,#2 sold under assessed)
* = above-asking or above-assessed

Heard Herd selling
Heard Herd selling
6 years ago

Car dealers hurting lately, even with 0% 96 month finance terms, tons of 07-08 3 series convertibles for sale by owners, many bought before the crash and now liquidate assets as they see the next crash looming, also tones o toys sports cars etc …gonna be some good deals

Son of Ponzi
Son of Ponzi
6 years ago

# 76
Fake pills, fake driver’s licenses, fake McMansions.

Johnny-boy
Johnny-boy
6 years ago

April Forecast.

Average continues down. Not as much as the 10% + we had for March, but pretty solid.

Median down in all 3 categories not just SFH.

HPI- who knows what number they come up with

Snake
Snake
6 years ago

Millions of fake pills from China, some with no active ingredients and others with the wrong contents, have been uncovered and confiscated by customs officers in France.

http://www.wnd.com/2014/04/chinese-delivery-of-fakepharmaceuticals-uncovered/#iS8ZHKuAprVumCSO.99

Heard Herd selling
Heard Herd selling
6 years ago

Cbc layoffs 112 in Vancouver alone = 112more lislistings

Best place on meth
Best place on meth
6 years ago

April sales are the same as February at 134 a day. That can’t be good for the market.

If we keep adding 100+ to inventory each day it’s going to pile up quickly.

Sorry to hear about Jimbo, I thought he had a few years left on his amortization schedule but it looks like someone changed the rules without any warning.

CanuckDownUnder
CanuckDownUnder
6 years ago

Another lousy day of April sales… VHB what is your current prediction for total sales this month? Unless there’s a surge around the corner it should be the second-lowest April since 2001 (last year’s total of 2,627 being the lowest). Realtor spin will still trumpet a year-over-year increase!

Heard Herd selling
Heard Herd selling
6 years ago

16K Friday, 17 K only 2 weeks away….21K by June 30, realtors kiss your summer by bi, thousands of open houses, all lonely ones

Heard Herd selling
Heard Herd selling
6 years ago

Not lookn good folkssales way down for a spring market, court flooded with foreclosures

paulb
6 years ago

New Listings 261
Price Changes 85
Sold Listings 104
TI:15928

http://www.paulboenisch.com

patriotz
6 years ago

@63: “allow them to enjoy all sorts of charter rights that keep the state out of your grow-op, credit card factory and bank accounts unless the Crown demonstrates reasonable cause to a judge.”

Those are the same charter rights that keep the state out of my house unless the Crown demonstrates reasonable cause to a judge. I’ll take that over places like China where the state can do anything it wants, thanks.

And RIP Jim Flaherty, I was truly shocked. A great personality and let’s remember him for that today.

crikey
crikey
6 years ago

@Atomic Frog #64 “I dont think this blog will go anywhere if the focus is to talk about how certain ethical group (in this case Chinese) is to be blamed for this bubble.” Agreed. Discussions are best left race-agnostic. However, even so some people here cry “racism” if somebody here says something like, “Investor class immigration (regardless of race) has played a role in rising prices in Vancouver West, never mind that such immigration has been shown to be a burden on other taxpayers due to their low income tax generation. We should encourage immigration of skilled workers, like Canada used to, that generate income and pay income taxes in Canada — to pay for the various services that they and their families use.” See that? I didn’t mention race once, nor do I care about race. The race card… Read more »

space889
space889
6 years ago

Well, Van housing affordability issue is potentially solved! Micro-suites is the answer

http://www.vancouversun.com/business/Barbara+Yaffe+Micro+lofts+could+answer+housing+crisis/9725651/story.html

tedeastside
tedeastside
6 years ago

most houses in Vancouver have grow-ops…vancouverites know what pays the mortgage, and it aint Boeing and Microsoft like Seattle