This is the third month in comparing financing a home in April 2022 VS November 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 | November 2023 | Am I Saving Money? | |
| Average Purchase Price: | $965,795 | $760,000 | $205,795 – Yes |
| Down Payment: | $193,159 | $152,000 | $41,159 – Yes |
| Loan Amount: | $772,636 | $608,000 | $164,636 – Yes |
| Interest Rate Fixed: | 4.50% | 6.19% | 1.69% Higher |
| Monthly Payment: | $3,896 | $3,689 | $207 – Yes |
Burlington
| April 2022 | November 2023 | Am I Saving Money? | |
| Average Purchase Price: | $1,417,577 | $1,030,823 | $386,754 – Yes |
| Down Payment: | $283,516 | $206,165 | $77,351 – Yes |
| Loan Amount: | $1,134,061 | $824,658 | $309,403 – Yes |
| Interest Rate Fixed: | 4.50% | 6.19% | 1.69% Higher |
| Monthly Payment: | $5,718 | $5,004 | $714 – Yes |
Brantford & Brant County
| April 2022 | November 2023 | Am I Saving Money? | |
| Average Purchase Price: | $869,331 | $657,255 | $212,076 – Yes |
| Down Payment: | $173,867 | $131,451 | $42,416 – Yes |
| Loan Amount: | $695,464 | $525,804 | $169,660 – Yes |
| Interest Rate Fixed: | 4.50% | 6.19% | 1.69% Higher |
| Monthly Payment: | $3,507 | $3,190 | $317 – Yes |
So, what does all of this mean? The costs of getting into a home has decreased in these locations, which means you need to borrow less money and save a smaller down payment. Another benefit of buying in this market is that conditions are back – I’m seeing offers accepted with 5 business days for financing, home inspection and so on. These are all good things to have in any offer when purchasing a home as it protects the buyer.
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.