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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 26.16 % 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 $2,449.61.
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 $1,803.63.
Thus, today buyers are saving on average $645.98 per month, or a total saving of 28.16% over last year at this time!
Above Information Herein Deemed Reliable But Not Guaranteed.
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