With all the hype about real estate not being affordable, I’m here to tell you the opposite.
Averages don’t reflect the majority when you look into the real estate market I’m not saying that home ownership is an option for everyone, I will show you what is possible.
Let me break it down for you
To own a TOWNHOUSE in the Vancouver area’s or fraser valley there are currently 150 listing as of today’s date listed for 250k or below.
If you could do with a condo of course there are plenty more options for you.
Income:
You need to earn a gross before tax income of 42k per year (this works out to 20.19/hour full time, 40 hours per week) minimum Down payment:
You would need to come up with the required 5% down payment. ($12,500) this could come from a gift from a family member, RRSP’s and of course whatever form of savings you can acquire. The down payment could not be borrowed.
Cost breakdown
In this example we used a 2.84% average fixed rate for 25 years, and the applicant would have no other monthly obligations There monthly payment for the mortgage would be $1140/ don’t forget strata $250 and property taxes (including heat) (we used an average for this so it will vary for each property) Total estimated cost being $1490 month.
If someone you care about is wondering what they can afford and how to put a plan together to do so, please introduce us by calling
604-802-3983 or email: callateam@dominionlending.ca and we will personally help review the options and have the lowest cost of home ownership!
The link to the townhouse examples is included here :