What Can You Buy For $500,000?

With the recent announcement about higher down payments for homes over $500,000, you might be curious what you can buy in Kitchener Waterloo for $500,000.

The home pictured above sold for $500,000 this fall.  It's set on a 50' x 100' greenbelt lot on a quiet court in the desirable Waterloo neighbourhood of Beechwood.  It has 4 bedrooms, 4 bathrooms and measures just over 2000 sq ft plus a finished basement.

You might also be curious about mortgage costs.  With 5% down and a 3.6% Canada Mortgage and Housing insurance premium, you'd start day 1 with a mortgage of $492,100.  Using a 5 year discounted rate of 2.69% and a 25 year amortization, your monthly payments of principal and interest would be $2,251.28. 

How about income?  Assuming no other debts, you'd need an annual income of approximately $100,000 to qualify for this purchase. 

Need help sorting out your real estate needs and wants?  As a Century 21 real estate professional with over 26 years of experience, I'm just a phone call away.  Feel free to reach out via phone, text or email with your questions 519-505-4488 jeff.gingerich@century21.ca.




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Jeff Gingerich

Jeff Gingerich

Sales Representative
CENTURY 21 Heritage House Ltd., Brokerage*
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