Buying a property does have some added costs that aren't associated with rentals. Before you get serious about buying, make sure you've considered and budgeted for the following.
Paying off a mortgage is especially important for anyone with a higher interest rate, or those who really value mortgage freedom.
Last December a new B.C. government directive went into effect, requiring condo buildings to prepare a depreciation report that gives prospective buyers details about expected long-term expenses or problems. Despite the new rule, only about one quarter of the stratas across the province have commissioned depreciation reports so far.