, , ,

People have often asked me, how can home owners today afford to own a home? The fact of the matter is that it’s more affordable today than it was 20 years ago. Have a look at this table:

Affordability Chart
In 1990 a four bedroom home in Whitby, in the Pringle Creek area, would cost approximately $237,000. Today that same home would cost approximately $400,000.
So how is it more affordable today?
Well, after adjusting for mortgage insurance, interest rates, differences in available mortgage terms and even the increase in property taxes, the monthly caring costs are still over $100.00 per month less today.
I do realize that this is only a temporary opportunity and it only exists because of today’s interest rates, but why not take advantage of this opportunity if you are contemplating entering into the home market