New year, new condo? It’s time to get market savvy

Choosing to purchase a condominium or townhome is a big decision. It’s one of life’s larger financial commitments and there is a lot to consider regarding finances, lending options, what community and which development to invest in. And the list goes on. My point here is, before you head out to buy, be sure you have done your due diligence and researched the marketplace.

Take a good look around at communities. Take into consideration infrastructure such as schools, hospitals and transportation. As you narrow down your search, dive a little deeper and check out neighbourhood pockets, as there may be up-and-coming neighbourhoods still in the early development stage. Municipal and city halls are a good resource for a look into the future.

You’ll also want to shop around to determine the best lender for you and your financial situation. First-time buyers and the bank of Mom and Dad will have different goals, resulting in different lenders offering better options. It’s always a good idea to shop around.

Buying a new condo versus previously owned is another consideration. One of the greatest benefits of purchasing a new condo is the BC Housing 2-5-10 New Home Warranty – which includes a minimum of two years on labour and materials, five years on the building envelope, including water penetration, and 10 years on structure, offering peace-of-mind and security on your investment. For more information, go to bchousing.org/licensing-consumer-services/new-homes/home-warranty-insurance-new-homes. If purchasing a pre-sale unit, always be sure to work with your financial advisor, who can outline potential risks.

The GVHBA’s annual Homebuyer Forum will take place at SFU’s Downtown Campus on March 6. Featuring industry experts sharing their personal insight in three interactive panel discussions, this is a great opportunity to get current, in-depth market knowledge, and ask questions, to help you buy better. Visit gvhba.org/event/homebuyer-forum for details and to pre-register.