If you need assistance, please call 604-928-9875

Rent is on the Rise. Is There a Better Option?

Monday, December 27, 2021   /   by Lynn Boyarski

Rent is on the Rise. Is There a Better Option?

Once again, it’s seeming like homeownership is the right move for a lot of people, especially for renters.

When the pandemic hit, rents decreased for many people. But now that things are returning to normal, rents are on the rise. In some places, rent has increased more than 40% since the beginning of the pandemic.

If you’re a renter, this can turn into a serious problem. You might think everything is going great, but then BAM, your lease is up for renewal and your landlord slaps a steep rent hike on you.

You’re faced with 1) sticking it out and paying the more expensive rent or 2) finding a new rental for cheaper, which sadly won’t be easy in our market.

But there’s a third option: homeownership.

If you’re a current renter and you’re worried about rent increases (as you should be), homeownership might be the right move for you. Why?

- Your monthly payment will stay the same. No ridiculous increases every year when you have a fixed-rate mortgage. You know exactly what you’re going to pay.

- Interest rates are low right now, which means your mortgage payments could be lower.

-You’ll build equity and make an investment in your future. When you’re renting, you’re basically throwing away your money because you never see it again. But when you own a home, you’re constantly building equity. And then when you sell that home 5, 10 or 30 years down the line, you get all the equity you’ve built up back in your pocket. Your home is an investment in your portfolio, not just a place to live.

If you’re curious about becoming a homeowner, contact us! We have tons of resources on just how to prepare for buying a home and then how to actually buy one, and we are happy to guide you along the way.

West Coast Group | Keller Williams Elite Realty
Lynn Boyarski
103-32615 South Fraser Way
Abbotsford, BC V2T 1X8
Nick Johnston
103-32615 South Fraser Way
Abbotsford, BC V2T 1X8


The data relating to real estate on this website comes in part from the mls reciprocity program of the Real Estate Board of Greater Vancouver. Real estate listings held by participating real estate firms are marked with the mls reciprocity logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of the Real Estate Board of Greater Vancouver.

This site powered by CINC: www.cincpro.com