So you think your mortgage payments on Vancouver real estate are high now???? Thank goodness the interest rates are low!
It is funny that I just received this today as I was talking to a couple of people yesterday about the rates back to 1960. I was also explaining that when I bought my first house in the late 80s, it cost me over $1100 per month to pay my mortgage payment on every $100,000 borrowed. So while property values in Vancouver may have doubled (or more) since that time, when you factor in the cost of borrowing and the salary increases over the past 20 years, it may be even cheaper to buy now than it was then.... For those of you who are interested, the mortgage rate chart, going back to 1952 is below. Please contact me if you have any questions on this or any other real estate matter.
Patricia Houlihan
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