jesse, the blogger who provides data regarding the Vancouver RE market at his invaluable blog, ‘Housing Analysis’, presented 4 anecdotes in a comment at VREAA 23 Mar 2010. They will each be headlined. As he says, they have in common low interest rates. -vreaa
“Young couple with 1 year old baby were renting a townhouse but found same sized place in Port Moody for less than the cost of renting in terms of current mortgage rates. They wanted to own and they felt their jobs (legal aid and unionized union office worker) were secure enough to get into the market. They are likely around $110K gross income. Low interest rates were the major driving force for them to decide to buy. They elected for a 5 year fixed rate.”
