Average Spend on First Home $300,000
AVERAGE HOUSE PRICE BY PROVINCE NS $211,772
NB
NFLD
QC
ON
MB
SK
AB
BC
$156,119
$295,588
$271,912
$392,962
$259,397
$280,915
$378,685
$529,922
manage their costs, but also to pay off their mortgage as soon as possible. Determining what your mortgage payments and overall costs of home ownership will look like, and then living in that financial reality for a year before entering the market, can be an effective strategy.” Parsons adds that it is encouraging to see that buyers say they are in a position to pay down their mortgage in 20 years or fewer. “Homebuyers can shorten that timeline further by choosing a shorter amortization and taking advantage of accelerated payment options.” According to the report, two-thirds of first-time buyers (66 per cent) say the latest changes to mortgage regulations – which included reducing the maximum amortization for government-insured mortgages to 25 years from
30 years – have not affected their buying timeline, while one-infive (19 per cent) say they will have to wait longer before buying as a result. “A shorter amortization is the most responsible approach to home financing; it’s something BMO has been encouraging their customers to consider for years, as it means becoming debt-free sooner,” says Parsons. Additional findings include: › Six-in-10 (63 per cent) first-time buyers have made cutbacks to their lifestyle to save for their first home, with just one-in-four (27 per cent) expecting their parents or other family members to help them pay for their first home › The majority (59 per cent) of first-time buyers have had to hold off buying their first home because of increasing housing prices › The same number (59 per cent) wish they had bought their first home five years ago.
The BEST mortgage rate
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Every dollar you save on your mortgage puts more money in your pocket. With the guaranteed BEST mortgage rate, you can make the switch to a mortgage that will give you financial room to move. Stop by your local ATB branch or visit atb.com/MortgageSpecialist-Edm
13-04-15 2:14 PM MAY 10 - JUN 7, 2013 | NEW HOME GUIDE 31