Vancouver real estate is a hot topic in the real estate world.
Now, it seems, we can learn a thing or two from real estate pros.
The city of Vancouver has a property tax rate of 13 per cent, and the city’s rental market is hot.
Renters in Vancouver, as you can imagine, are getting a big cut.
So is it possible to save up to $2.4 million a year if you rent?
Real estate agents say renting in Vancouver is a great way to save money.
There are lots of incentives to live in Vancouver.
There is an income tax cut that goes into effect in 2018, and rent subsidies are available.
There’s also a $2 per month tax discount that you can apply if you own a home.
If you rent, you get to choose your rent rate, and if you live in a condo, you can select a lower rate.
You also get a reduced mortgage interest rate that helps pay for the monthly rent.
If you are paying off your mortgage or refinancing, the savings you receive will help you pay off your debt.
There are a lot of factors to consider when choosing a home, but the biggest one is whether or not you want to rent in Vancouver at all.
There aren’t many rental properties in Vancouver right now, but if you’re willing to put down a deposit, it might be worth the wait.
Real estate agent, Scott Williams, says the rental market in Vancouver has been pretty steady for the last decade or so.
He’s also got some good advice for you.
“If you have a little bit of time to spare, the only thing you really have to worry about is if you have enough money to cover the deposit,” Williams said.
“But if you do have the money, you’re not going to have to pay the deposit on time.
If it’s a month or two before the rent is due, you should get it done on time.”
Williams says that you shouldn’t expect to save any money on your rent if you’ve got the cash to spend.
“I’d just say, I can get by with a little less than what I normally would pay,” he said.
Williams says if you want a place that’s not going up in value, it’s probably a good idea to find a rental that’s below market rate.
But if you are willing to pay more than what’s typical in Vancouver today, Williams says there are a few things you should keep in mind.
He says if the property isn’t worth much, you may be better off renting it in a smaller space.
“You may be able to rent out part of the place for a little while and save money on the mortgage,” Williams says.
Williams also says you should check to see if you can get a better deal for your rent because there’s always a possibility of a tax cut or subsidy.
If that’s the case, Williams suggests looking into options such as a co-op.
The co-operative is a company that operates out of a property and has the option to lease it to another company.
Williams says a coop can give you a smaller rent subsidy than a standard condo, but it won’t come cheap.
He also suggests checking with your property agent to see what the rent subsidy might be.
If your rental is in a low-density area, you might have to consider paying the monthly rental upfront.
Williams said it might not be possible to keep your monthly rent down if you aren’t doing anything with the property, but that doesn’t mean you can’t make it work.
You can save up big by looking into a rental in the middle of nowhere, but Williams says it’s usually better to find out if you will be able for the rental to last.
He says that if you find a place in the neighbourhood with a lot going on, you could probably afford to pay rent and move in, but you could also end up paying a lot more than you’d normally be able if you didn’t rent in the area.
Realtor David Luecke says there’s nothing to be afraid of if you buy your first property in Vancouver and rent it out, because you could end up with a bigger income than you expected.
“With a lot people renting out their homes in Vancouver for a year or so, they’re still paying for their mortgage and they’re probably going to be paying off that debt,” he says.
“And then when they move into a bigger house or a bigger condo, that income is going to grow, and they will be paying more.”
So if you plan to buy your home, don’t worry if it doesn’t last as long as you’d like, but don’t let that stop you from finding the best deal.