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This is What a Mortgage Would Cost in These Major Markets

Jordan Lavin

The spring housing market is starting to heat up across Canada, and if you’re thinking about buying a home, you’re likely wondering what a mortgage will cost you.

To get you primed for the spring market, we put our mortgage calculator to work and took a look at home prices and mortgage rates from across Canada. From west to east, here’s a look at what a mortgage will cost in some of Canada’s biggest housing markets.

The Cost of a mortgage in Vancouver

Prices are down in Greater Vancouver, but it’s still Canada’s most expensive housing market. The average home now costs an eye-watering $1,011,200, even after prices have fallen 7.7% year over year.

Things are a little more promising if you’re interested in Vancouver’s condo market, however. The average price of an apartment is $656,900.

While more affordable, the average condo price is still over the limit for a 5% down payment, however. Our mortgage payment calculator shows the minimum down payment on an average Vancouver condo is $40,690. With the minimum down payment and BC’s best mortgage rate of 2.89%, condo buyers are looking at a monthly payment of $2,997 for a box in the sky.

Detached homes in Greater Vancouver are even less affordable, tipping the scales at an average price of $1,437,100. Over the million-dollar mark, a 20% down payment is the minimum, and buyers will pay $5,376 a month for the privilege of a detached home.

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The Cost of a Mortgage in Edmonton

If thinking about buying a house in Vancouver makes you sweat, consider Edmonton instead. The average detached house will cost just $423,451 – a bargain compared to Vancouver.

At that price, buyers can get into a detached home with a 5% down payment. Coupled with Alberta’s best mortgage rate of 2.89% for a 5-year fixed, that makes your monthly payment just $1,946 a month. Putting down a full 20% will drop your payment to $1,584.

The Cost of a Mortgage in Calgary

If you prefer the Flames to the Oilers, Calgary offers a housing market that’s only modestly more expensive than Edmonton’s. The average Calgary home costs $409,400 and a detached house will cost just $475,800.

With a 5-year fixed mortgage and 5% down, a detached house in Calgary will cost you $2,186 per month.

The Cost of a Mortgage in Regina

Home prices in Regina have fallen a little less than 5% since last year, but since the average home costs just $264,100, that represents a savings of just $13,000.

It’s always good to save money, though. And Regina is one of the markets in Canada where saving a 20% down payment is within reach for a first-time homebuyer. The $52,820 for a 20% down payment in Regina would fall just short of the minimum (5%) down payment on an average home in Greater Toronto.

With the aforementioned 20% down payment and Saskatchewan’s current best mortgage rate of 2.94%, an average Regina home will cost you $993 per month.

The Cost of a Mortgage in Winnipeg

One of the few markets where prices are flat year-over-year, Winnipeg still has a lot to offer with the average home selling for just over $300,000.

A Winnipeg house will cost an average of $326,433 and a condo will cost an average of just $227,538. With a 20% down payment and Manitoba’s best mortgage rate of 2.89%, the monthly payments for these homes works out to $1,221 and $1,038, respectively.

The Cost of a Mortgage in Toronto

The Toronto housing market has been exposed to fewer price-targeting regulations than Vancouver, making it one of the few markets in Canada to actually post a price increase over the last year. The average home in Greater Toronto now costs $779,100, although a quick search for Toronto real estate listings shows that single-family homes are hard to come by for that price in central Toronto, and even in neighbouring communities like Thornhill and Richmond Hill.

At almost $780,000, a 5% down payment won’t be enough in Toronto. At this price point, buyers will need at least 6.79%, or $52,910, to get into the market. With the best mortgage rate in Ontario of 2.89%, buyers with the minimum down payment can look forward to monthly payments of $3,532. With a 20% down payment, that drops to $2,915 but it will cost a hefty $155,820 up front.

The Cost of a Mortgage in Ottawa

Prices have increased since last year in the nation’s capital, too, jumping 7.6% to an average of $405,500 thanks to a dearth of available homes.

Houses in Ottawa are selling for an average of $480,143, while condos go for an average of $290,181. An Ottawa mortgage broker can help you get a rate as low as 2.89%, bringing your monthly payments to $1,796 for a house or $1,086 for a condo assuming a 20% down payment.

The Cost of a Mortgage in Montreal

Bucking the national trend, prices in Montreal have been rising for 49 months in a row. The median single-family home now sells for $331,000 and the median condo sells for $248,000. That’s still affordable compared to many other markets in Canada, and well under the $500,000 limit for a 5% down payment. That means a first-time homebuyer can get into a Montreal condo with a very affordable down payment of just $12,400.

With the minimum down payment and the lowest mortgage rate in Quebec of 2.94%, a Montreal condo buyer will pay just $1,349 per month. An average house costs just a bit more at $1,538.

Source: CREA

Source: QPAREB


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