How much income do I need...?
For the last few months I have discussed changes in interest rates, new financing guidelines, market trends, and several other issues that both buyers and sellers need to know. With the continuous rise in prices over the previous 15 years in North York and the Greater Toronto area (GTA), the numbers can be quite intimidating. However, it is not the price of the house or condo that matters, but rather what the cost of carrying your new dream home will be.
In order to determine what you can afford to pay for your home on a monthly basis, you will need to know if you have sufficient combined family income to make all those payments and still have enough left over to live your life.
Here is a chart with some average income requirements based on the amount of down payment you have.
Please note that your personal circumstances may alter these average figures, based on your credit history and other factors.
Let me help you decide whether or not you are ready to buy, sell or invest in real estate before the holidays. Join me for a no obligation chat over coffee. Meet me at Starbucks (or Tim Horton's) Click Here.