I am thankful for you! BUT you are going to thank me after reading this.

By: Forest Hill Real Estate

I am thankful for you! BUT you are going to thank me after reading this.

Tags: #RealEstate #investment #timetobuy #crea #mortgage #house

The housing market has so much negative & sensationalized media around it that buyers are overlooking the affordability facts & the fear of taking advantage of some great opportunities right in front of them.  Let’s recap Q1 – Q3 2022

CREA (Canadian Real Estate Association) says that inventory/ housing supply is at an all-time low. Why is that statement confusing to most Buyers?
Points to be noted:
1.  Yes, we are experiencing higher interest rates, polite reminder that housing prices have adjusted as well & lowered therefore there should not be much of a difference in your monthly mortgage payments.

2.  Buyers typically struggle with having to put down a larger down payment, now lower purchase price = a lower down payment.

3.  Savings on your mortgage insurance if you need one. FYI: required on less than 20% down payment.

4.  Land Transfer Taxes will now be lower due to the lower purchase price.
We have a great partnership with reputable lenders that can advise how to set you up for financial success with your home purchase.

CASE STUDY Q1 - 2022            Q3 - 2022
Purchase Price $1,000,000            $750,000
Interest Rate 2.50% 5.20%
Down Payment             $200,000 $150,000
Mortgage Amount $3,160.97 $3,294.67  
App. Closing Costs $21,325 $16,325

Written by:

Tanya V Fernandes
Owner | Broker