Currently renting but should we buy? [Vancouver]
My partner and I earn about $126K annually before tax and got serious about saving in the past couple years. We save/invest at least $2K per month and currently have $50K in investments + $20K more for general life expenses and emergency fund.
My question is whether you'd get on the property market in our situation. We both have solid, stable jobs, though we're trying for a baby so ideally we'd want 2 bedrooms soon. We currently rent at $1,750 in Vancouver.
From the research that I've done so far, we could go with 5% down payment on a mortgage under $500K. I believe we can only afford a condo and the idea of strata fees really puts me off but realistically, this is the only stepping stone we have to owning a town home or detached home. Also willing to look further out like Surrey or something, as long as it's near a Skytrain station.
If interest rates go up, we should start looking now right? Should I be speaking to a mortgage broker about this? How do I find one?
Sorry for all the rambly questions and thanks for reading!