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Zan Molko
ABR, ASP, ASA, Real Estate Broker

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What can I afford...?

The stats are out for last month and you may very well be asking yourself..
What can I afford...?

Despite the colder weather and slow start, April sales were actually quite strong with only a 2% dip in volume. The average selling price was up 2% in comparison to April 2012. The biggest surprise was the improved condo sales, which were only down one percent since last year, while the average selling prices were just slightly up on a year on year basis. Remember condo prices only started to move downwards in the second half of 2012.

Here are some affordability factors:

A $100,000 closed mortgage costs $468 per month to carry

A $200,000 closed mortgage costs $936 per month and so on...

If you buy the average condo for $300,000 with 5% down you will need a combined income of approximately $61,000.

If you by a house for $500,000 with 5% down you will need a combined income of approximately $98,000.

If you want to have a No Obligation personal "What can I afford...? conversation with me, follow this.

This Weeks Featured Home is a
Brand New Condo

Never been lived in, bright 2 bedroom 2 bathroom corner unit.
Lots of upgrades, beautiful south east views, balcony, parking and locker included.

Click Here

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