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Let's talk about buying a 🏠 in #Markham #Ontario.
At today's fixed rates of 4.5% & a 30 year amortization, a 750k house with 20% down will give approximately a $3000 per month mortgage. Currently, there are ZERO houses in Markham available for 750k.
At today's fixed rates of 4.5% & a 30 year amortization, a 750k house with 20% down will give approximately a $3000 per month mortgage. Currently, there are ZERO houses in Markham available for 750k.
Notice there are also zero properties available in #RichmondHill & #Vaughn. So let's up it to $850k. The result is....yup, still ZERO!
Let's go to 950k. NOPE!
Let's try a $1 million. In #Markham, there are 8 properties to look at.
For a $1 mill house, using the same 4.5%, 30 yr amortization, & 20% down, our mortgage payment now balloons to $4050. Or to put another, the average #ontarians take home pay after taxes!
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