Can I afford to live on the North Shore? What about renting?
Julie Isaac says:
Luckily the 3 north shore municipalities allow rental suites and it’s common for homes to have a suite or to be easily suite-able. When approving a mortgage, lenders will include rental income which makes it possible to qualify for a potentially bigger mortgage. While it may be more expensive to purchase on the North Shore, depending on what type of property, rental income from a suite makes monthly living costs more affordable and also makes it easier to afford a mortgage.
Sonya Bekken says:
If you are renting now, you really must compare the cost of renting versus owning. With the current low interest rates, you might be surprised at the affordability.
First, compare actual costs and cash flow. Actual costs would be interest expense, property tax, utilities, repairs, insurance and strata fees. You need to break down the interest component and the capital component of a mortgage payment. Cash flow involves the mortgage payment. You may be at a break-even point comparing actual cost to rent expense.
Buying may be more challenging from a cash flow point of view but you need to remember you are adding equity, which is like a forced savings plan. And hopefully on top of that you have capital appreciation, as we’ve had on the North Shore over the past decade.
Lara Regan says:
The quick answer is YES! You can afford to live on the North Shore!
If you work with a realtor and a good financial consultant, you’ll be able to determine how best to live within your personal financial boundaries. Together, we’ll make sure that you see the right kinds of homes — ones that meet your family’s needs. The North Shore has a great variety of options, from studio apartments to executive style show homes and properties. There’s something for everyone!