How much will you need to purchase in Today's Market
It might not be as hard as you think to get in the market right now….
➡️Let’s break down what purchasing a condo in the Fraser Valley could look like..
Purchase Price = $450,000
5% Down Payment Total = $22,500
Mortgage Loan Insurance = $17,100
Total Mortgage Amount = $444,600
Estimated land transfer tax = Exempt
Approximate legal fees = $2,000
Down Payment Total = $22,500
✨Total Required = $24,500✨
➡️ What would your monthly expenses look like?
Mortgage Payments = $2,460 (based on a 4.5% rate)
Estimated Property Tax = $75
Estimated Strata Fees = $300
✨Total Estimated Monthly Cost = $2,835 ✨
- If you put 20% down, you can avoid mortgage insurance and drop your payment over $500 a month.
- Over the last 15 years, the Canadian housing market has had an average annual appreciation rate of 6.11%
- As interest rates rebound from today’s near peak levels, one can expect their monthly payment to drop while their equity grows.