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.
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