Things move fast in Vancouver’s hot real estate market. Property values continue to rise as regulations tighten, and it can be hard for millennials to participate in real estate investing. There was a time not long ago where buying your first home was a right of passage, and affordable to most Canadians living in BC’s lower mainland. The price to pay for living in the beautiful coastal region as exceeded the cost many young professional and families can afford to pay. If you are one of this growing demographic it can be hard to imagine home ownership, but remain diligent and save for brighter days ahead with these money saving tips.
Budget, Plan and Prioritize
If home ownership is a dream of your’s it is important you give it the proper attention and planning. Create a budget and cut costs where possible. If it is eating out or entertainment that is cutting into your ability to save consider eating out less and entertaining at home more. Treating yourself to good food and friends doesn’t have to mean hitting the town and impacting your wallet.
Take a look at your debt load and the interest charges you incur. High rates lower your ability to save, tackle your most expensive debt before saving.
Do What You Love For Less
Do you love to read? Use the library in lieu of the bookstore.
Love to Shop? Get name brands for less by shopping consignment
You gt the idea. There are always ways to shave costs and save. Instead of dropping the things you enjoy, be creative and find ways to do them for less.
Drive Less to Save More
We have a good transit system here, and one of the benefits of living in a high density urban area is that amenities are close and accessible. Consider saving yourself car payments, insurance and gas by ride sharing, busing, walking or riding a bike. You will be doing your health a favor too!
Rack Up and Cash In RRSP Contributions
Enjoy tax savings and watch your money grow in a RRSP. You can withdraw up to $25,000 from your RRSP to buy your first home, but will have to pay it back with 15 years to avoid being taxed.
All is hope is not lost. Spend less, save more and eventually you will find yourself a proud first time home owner. When that time comes we at Siebenga and King are here to help with your legal services, and often offer promotions and discounts on our real estate legal services.