So..... my living situation to a dive into the shitter recently, and I'm officially done with renting from someone else.
Can anyone tell me what to expect regarding condo purchases and how tough it would be to obtain a mortgage? I've never done it before.
I haven't done it myself either, but AFAIK you have to visit your bank and have a talk with them about how much you earn in a year, how stable is your job, how much money you have saved up, how good is your credit, how much money you need (which depends a lot on where you want to buy), how long you're going to take to pay it back (basically how aggressive will your payment plan be), and what kind of interest rate they would want to charge you. Once you know all that, maybe you can shop around and see if another bank is able to give you a better deal on the interest rate.
Be aware that your mortgage payments won't be an exact substitute for rent payments, because you'll be on the hook for a few new things like insurance and property taxes. If you can barely afford your rent, don't set that as your mortgage payment. Give yourself some extra room in your budget, and make sure you get a mortgage that allows you to pay down your mortgage ahead of schedule if you happen to save/earn money more aggressively (banks apparently used to refuse that as a standard practice, because paying your debt earlier means fewer interest payments, and they would prefer to keep you on the hook).
Also, you should be aware that buying in Vancouver is sort of like taking a gamble with hundreds of thousands of dollars at stake. Renting is sort of an okay way to make sure you don't have to
lose that gamble. Remember the old adage, buy low, sell high. Vancouver right now is a little bit down from it's record high. Some people are confident that it'll hold steady until the global economy straightens itself out and then it'll go back up (meaning it's a great time to buy), but others are afraid that Vancouver will come crashing down sooner or later (meaning it's a terrible time to buy). You really won't like it if you're on the hook for 20 years to pay the bank a half-million dollars for a leaky run-down dive with annoying neighbors that's (some time in a possible future) only worth a hundred thousand, especially if you reach some sort of halfway point where you've already paid the bank more than twice what your property is worth, and you still have that much further to go.
But yeah, there is some pretty good pride to be felt in
owning the place where you hang your hat. Same with going into business for yourself. You might have less money, but if you can make it work, you should feel better about yourself. Good luck.