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
tanya@fhkeystone.ca
