Whoa, that’s way more expensive than renting. Let’s see what we can do to get that monthly payment down. Maybe a 20-per-cent down payment, enough to save on the cost of mortgage default insurance for your lender? Now we have monthly payments of $3,057. Let’s sharpen our pencils and see what else we can do.
High rents got you down? Maybe you should own a home instead. In Toronto and Vancouver, the median cost for a one-bedroom apartment is close to $2,200. Even with mortgage rates up a fair bit in the past year, surely home ownership can’t be much more expensive than those incredibly high rents? The Canadian Real Estate Association reports that the average resale home price in the Greater Toronto Area […]
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