Quote:
Originally Posted by chemgear
I'm no expert either, but what is very interesting to me is say we take the current median house price $354 K ($450K SFD) and assume a rare substantial downpayment of 20%. A hike of "just" 5% is what, $1200-1500 a month MORE in costs? Where does first time home buyer interest sit then? And five years might be a little optimistic view of timing - who knows though.
http://www.cbc.ca/smartshift/2010/02...d-cd-howe.html |
That's true. When I budgeted to see if I could afford my new house, I actually used a worst case scenario of 10% interest rate to make sure I could still make the payments if it ever hit that high.