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.