With all the hype in the Real Estate market today you may think that owning your own home is beyond your reach. Yet you may be paying more than $2,000 per month renting a one bedroom condo in downtown Toronto. That is money that could be used for mortgage payments and to build equity. Home ownership may be closer than you think. Here is an example.
A mortgage payment of only $1,981 per month is possible if you purchase a home for $530,000 with a down payment of 20% and a 5 year variable rate mortgage at 2.75%. (Source TD Bank Mortgage Calculator). This payment might be more or may even be less depending on a number of factors including but not limited to the amount of money you have saved, your monthly earnings and the type of home you want. You will also have to meet other requirements of the bank or the government of Canada.
I have very good news for you! There are many homes for you to choose from that will allow you to invest roughly the same monthly payment amount as you may now be paying for rent, building your own equity instead of building your landlord’s wealth.
I have even better news, you can still buy a home in the GTA for $530,000. Also, in most of the GTA we have a strong ‘buyer’s market’, where buyers have the edge in negotiations. The Government of Canada is also changing the mortgage rules and it may be harder to qualify for a mortgage after January 1, 2018. This combination of events make NOW the perfect time to make the move to homeownership.
Let’s meet soon so we can help you to get your financing in place and ‘zero in’ on neighbourhoods of preference. This will then allow us to pinpoint homes with key features best matching your needs.
Of course this meeting is without obligation on your part to buy a home. I offer this valuable service free of charge to our clients. There is even better news, if I do help you to buy a home my commissions are paid by the Seller; I charge you nothing!
You may be surprised at what I can help you to accomplish!
Please complete the contact form below and let’s get started. We want to help you to make your dream come through.