This is the fourth month in comparing financing a home in April 2022 VS December 2023. To help shed light on financing a home in our current market, I have decided to continue the comparison.
Below are comparisons for all dwelling types in the following areas: Hamilton (all areas), Burlington, Brantford & Brant County.
Hamilton (all areas that make up the City Of Hamilton)
| April 2022 | December 2023 | Am I Saving Money? | |
| Average Purchase Price: | $965,795 | $756,660 | $209,135 – Yes |
| Down Payment: | $193,159 | $151,332 | $41,827 – Yes |
| Loan Amount: | $772,636 | $605,328 | $167,308 – Yes |
| Interest Rate Fixed: | 4.50% | 5.74% | 1.24% Higher |
| Monthly Payment: | $3,896 | $3,503 | $393 – Yes |
Burlington
| April 2022 | December 2023 | Am I Saving Money? | |
| Average Purchase Price: | $1,417,577 | $1,041,684 | $375,893 – Yes |
| Down Payment: | $283,516 | $208,337 | $75,179 – Yes |
| Loan Amount: | $1,134,061 | $833,347 | $300,714 – Yes |
| Interest Rate Fixed: | 4.50% | 5.74% | 1.24% Higher |
| Monthly Payment: | $5,718 | $4,822 | $896 – Yes |
Brantford & Brant County *there were homes sold in higher price points which increased the average sales price.
| April 2022 | December 2023 | Am I Saving Money? | |
| Average Purchase Price: | $869,331 | $752,805 | $116,526 – Yes |
| Down Payment: | $173,867 | $150,561 | $23,306 – Yes |
| Loan Amount: | $695,464 | $602,244 | $93,220 – Yes |
| Interest Rate Fixed: | 4.50% | 5.74% | 1.24% Higher |
| Monthly Payment: | $3,507 | $3,485 | $22 – Yes |
So, what does all of this mean? Based on the average monthly mortgage payment savings for Hamilton & Burlington, this is like getting $7,740 in free groceries every year for a family of four! That’s almost half year worth of free groceries.
Give me a call for a mortgage review and we can determine a comfortable monthly mortgage payment that fits your budget. And if you’re ready to start looking, I’m happy to introduce you to some great Realtors.