Did You Know ??
In April 2008, the Average Condo price was $312,620 and the 5-year
rate was 5.386%. With 5% down, the mortgage amount including
CMHC fee would have been $306,344.15. With a 35-year
amortization, payments would equal $1,610.46.
In April 2009 the Average Condo price is down to $284,056 and the
5-year rate is just 3.95%. With 5% down, the mortgage amount
including CMHC fees is $278,353.58. With a 35-year amortization,
the mortgage payment today is just $1,218.81.
Thus, today buyers are saving on average $391.65 per month, or
total savings of 24.32 % over last year at this time!
In April 2008, the Average Single Family Home was priced at
$475,513 and the 5-year rate was 5.386%. With 5% down, the
mortgage amount including CMHC fees was $465,967.08. With a 35-
year amortization, the payments would equal $2,449.60.
In April 2009, the Average Single Family Home is priced at $420,354,
and the 5-year rate is just 3.95%. With 5% down, the mortgage
amount including CMHC fees is $411,915.39. With a 35-year
amortization, the mortgage payment today is just $1,803.62.
Thus, today buyers are saving on average $645.98 per month, or
a total saving of 26.37% over last year at this time!
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