In the month or so that I’ve been licensed as a broker in BC, I’ve already had many moments of self doubt. During those times, I’ve read and reread bits of my colleague, Dustan Woodhouse’s book; Be the Better Broker.
Chapter two, Overcoming Objections, which has the subheading Optimism Matters, is the chapter I’ve re read most often.
Optimism really does matter, especially in a market where much of the media “hype” is not so much hype as doom and gloom. I am excited and optimistic about the prospects for you owning your own home or buying your next home – you should be too.
Here’s some of the reasons why I am optimistic;
Interest rates are lower than they have been in 30 years or more.
Borrowing mortgage funds has never been cheaper. At today’s rates, borrowing $350,000 at 2.35% will cost you about $112,000 in interest over the lifetime of the mortgage. My first job was processing mortgage renewals for a Trust Company in Toronto in the early 1980s. The renewals offered were at 21% or more ( that’s not a typo ).
This is one of the most liveable cities in the world.
You know that I am not just talking about Vancouver but rather the whole Lower Mainland. Soon after we moved here, I skied, biked and fished in the same weekend. I knew I had moved to heaven. You have similar stories you tell your friends back east, don’t you?
Innovation in design.
If you think about it, there are hundreds maybe thousands of innovative home designs available to us. This home in Fairview Slopes, shares a similar flipped design to ours. As I was explaining to colleague Nomi Malik, having the bedrooms on the ground floor actually reduces street noise.
Design choices include designs to maximize the utility of the space available as well as staggering views of mountains and water. You have choices from float homes to eco housing, perhaps with walls built from straw bales and all manner of dwelling in between.
More choice than ever.
In 60 years, Canada has gone from an environment where the Banks were just starting to lend money for mortgages to an environment where through a Mortgage Professional, you have access to more than 250 lenders. You can now get the financing that’s best suited to you, not the boilerplate financing that was available back when Colleen and I lived in a shoebox on the M1. (You’ll have to be a Monty Python fan to get that one…)
Those are just four pretty basic reasons to be optimistic about your situation but I bet you can think of plenty more.
As always, if you have any questions, need help or would like to run through some scenarios, please call or email.