“I got exactly one hit: a 490-square-foot loft in McKenzie Towne.”
When the recession hit, prices for condos came down, he says, “especially in new developments. Brandnew developers seem to be more flexible than personal homeowners and are more willing to adjust the prices according to what the market dictates.”
Jakubowski had def initely narrowed down his wants to a new development.
“I decided I was interested in owning a new or close-tonew condo in the northwest (where he grew up) so that my place was modern and at minimal risk of having a large assessment slapped onto it that I couldn’t afford in the near future,” he says.
But it was still a patient waiting game for Jakubowski.
“My parents bought their f irst home on an eight-year line of credit with a doubledigit interest rate while they were making minimum wage,” he says. “While their house wasn’t glamorous and they had great diff iculty making the payments, the fact is most couples looking to get into the market today have to both be working professionals to be able to comfortably afford an average home on a 35-or 40-year mortgage.”
But some changes in the housing sector caught his attention as he waited patiently.
“Between when I started shopping and when I took the plunge, I was starting to get worried that my window was going away,” he says.
“In that time, the Bank of Canada raised its prime lending rate twice, and also reduced the maximum length of a mortgage from 40 years to 35. It was recently reduced again to 30 years.”
As he kept looking around, Swan Landing by the Swan Group was on his radar.