When you come to Nanaimo as a student you are committing to live here for 4 years. If a student is renting an apartment in Nanaimo they can expect to pay at least $800 a month for a two bedroom apartment and pay someone else’s mortgage.
An alternative is to purchase a property and have that money working for you. From 2001 until 2007 the property values in Nanaimo have increased by 229%, but has slowed to about 15% a year in 2006 and 2007.
The Canadian Mortgage and Housing Corporation now allows 0% down for mortgages on revenue properties.
There are mortgage products available at 40 year amortizations allowing for lower monthly payments and these can be had with no down payment as well. Visit www.gregnowik.com for more information.
Copyright © Travis Stevenson 2007
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