Real estate is arguably the single best vehicle to a comfortable retirement. Think about how many people you know that have maintained or improved their lifestyle after their working days were over. Now ask yourself how many of them did it via savings, mutual funds, stocks, RRSPs, or any way other than real estate? We find that, in most cases, the response is 1 maybe 2 but often NONE. Why is that? Why can’t people stick to their long-term financial plans? The answer is simple: life happens!
Every plan that extends over a long period of time will have deviations from the original. We cannot exactly predict our future circumstances and end up having to make changes along the way or, sometimes, start over. It takes work, discipline, and constant adjustments to make it successful. The difference in real estate is that we are, from an early age, conditioned to make it succeed.
Once we are on our own and need a roof over our heads, we get used to the financial responsibilities of having a place to live. Paying rent, utilities, insurance, etc. automatically instill the discipline required to own real estate in us. When hydro costs change, we adjust. When insurance premiums go up, we pay. It’s automatic!
That said, if you are in a position that allows you to buy real estate in the Greater Vancouver area right now, your timing couldn’t be better! Check out the graph below:
To put into perspective, let’s say you were one of the “crazy” people who purchased an “overpriced” property in the middle of a major world financial crisis in 2008. How would you feel about that investment today? Yes, hindsight is 20/20 but history repeats itself over and over giving us the terminology “market cycle”. Now look at where we are today, it’s almost a carbon copy!
The best deal of the year and possibly your lifetime is here. Now it is up to you to seize the opportunity or let it pass you by.
UPTOWN VANCOUVER M.M.
Link to PDF of Graph