Blog by Betsy Carstairs

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Buying vrs renting

thumbThe thumb buzz" on the horizon this month seems to be on the discussion of renting versus buying. The Vancouver Sun did a interesting article this week which prompted my conversation in this blog. The Sun touched down on the scarcity of rental accommodation in Vancouver & indicated that the high cost of purchasing a home/apartment has taken a lot of potential buyers out of the market. Investors are not buying & putting their purchases into the rental pool & many apartment buildings have bylaws restricting rentals so our availability of rental units have decreased & demand has heightened. I also had some insights into renting vrs buying with my friend Joan. After our aquasize class I invited her to weigh in from her prospective @ 80 years.We had a interesting chat over coffee at the beautifully decorated Fairmont in Whistler, where Joan lives. She indicated that although she  owns now that she is looking to sell & rent. The upside for her is that she would simplify her estate assets & free up cash to travel. The down side of course she acknowledged was that renting is a less secure housing option but she is prepared to enter back into the rental market after being a home owner for 60 years feeling that for her the upside over rides the down side. For Joan & many potential 1st time buyers whose only affordable option right now is renting that market is very scarse & I'm hearing of line ups to view places for rent & the competition I understand is fierce. I'm glad I have my own home & do not have to enter into this frentic rental market.