Are you still renting? If so, reading this may change your mind. According to the October 2012 Rental Market Report, the average rent for a single detached home in Barrie is $1281/month. In comparison, a mortgage on a $240,000 home with 5% down will cost you $1095/month. Add in your property taxes, (we’ll estimate them to be $2600/year) and you can own that home for just over $1300/month.
Even more reason to buy, at the end of the first 5 years, you will have paid down your mortgage by $34,453!
Perhaps you’re reading this and thinking to yourself, “I don’t have 5% to put down on a home, that’s why I have to rent”. WRONG! If your credit is good, you may qualify for a cash-back mortgage. What this means is the lender actually gives you the down payment in exchange for paying a premium on the interest rate.
If you’re thinking about jumping into the housing market, now is a great time to do so! Begin by getting pre-approved for a mortgage to see what you qualify for, and then let the House Hunting commence.
