Are you thinking about buying property?
Like so many others during this pandemic, we felt the call to get out of the city and find some space surrounded by open sky and nature.
But, as I said, we were like many others. Cottage and country property prices went waaayyyyy up. As per a Financial Times article, average selling prices in Canada in March 2021 were up 31% to about $715,000. That’s more than we paid for our house. We couldn’t afford that for a second property.
John and I had fun daydreaming about what we’d like – water access, lots of space to build an extensive veggie garden, space to keep chickens, what we build if there were no structures on the property.
We would look at real estate sites and send each other listings. Eventually we decided to plug some numbers into a mortgage calculator to see if a second property was something we could reasonably afford at this stage of our lives.
The housing market has cooled off a bit since hitting an all time high in March, but even with the slowdown, last month saw the highest number of sales ever for the month of June, as per this Bloomberg article.
If you’re thinking about purchasing a home or property, I really liked this Mortgage Calculator. It was easy to use – you put in the numbers it asks for and it lets you know what your expenses would be. You can even print a customized amortization schedule.
There is also a ton of info available on the Canadian Mortgage Calculator site if you have questions about securing a mortgage.
Have you ever used a mortgage calculator to help with your big financial decisions?