I'm not desperate to buy a house unless it makes financial sense, by which I mean, it will be cheaper than renting (not viewing as investment). However, if I can save my monthly outgoings by buying, and allowing me to save more to invest, I would be interested.
Currently paying $1400/month for rent. I pay all utilities on top of that.
Assumptions:
Correct me if I'm wrong (math isn't a great skill of mine), but by my calculations, (20% downpayment vs 6% return on that downpayment) the house would need to be under $320k to make sense (if not considered an investment).
Now as I look at Realtor.ca, there isn't much in Calgary for this price. I'd consider a decent semi-detached home, but would prefer a detached property. I need a either 4 bedrooms, or 3 bedrooms and a basement.
Does anyone know much about the market in Calgary? How much are people moving on list price? What about new builds in places like Airdrie? Are they selling for list, or below?
Any advice here would be appreciated, whether you know the Calgary market or just the Canadian market in general. I'm not a native Canadian, so determining prices and the market in a place where you haven't much personal history is more difficult.
If you think I should just continue renting, let me know as well. I'm quite content to do that, unless it makes sense to buy.
Thanks! Really appreciating the wisdom here and learning a lot, and hoping I can be helpful in return, too.
Currently paying $1400/month for rent. I pay all utilities on top of that.
Assumptions:
Mortgage: 3%
Downpayment: 20%
Home value increase: 2%
Property taxes: $2.5k
Maintenance: $5k/year
Stay a minimum of 10 years
Closing and selling costs: $30k
Downpayment: 20%
Home value increase: 2%
Property taxes: $2.5k
Maintenance: $5k/year
Stay a minimum of 10 years
Closing and selling costs: $30k
Correct me if I'm wrong (math isn't a great skill of mine), but by my calculations, (20% downpayment vs 6% return on that downpayment) the house would need to be under $320k to make sense (if not considered an investment).
Now as I look at Realtor.ca, there isn't much in Calgary for this price. I'd consider a decent semi-detached home, but would prefer a detached property. I need a either 4 bedrooms, or 3 bedrooms and a basement.
Does anyone know much about the market in Calgary? How much are people moving on list price? What about new builds in places like Airdrie? Are they selling for list, or below?
Any advice here would be appreciated, whether you know the Calgary market or just the Canadian market in general. I'm not a native Canadian, so determining prices and the market in a place where you haven't much personal history is more difficult.
If you think I should just continue renting, let me know as well. I'm quite content to do that, unless it makes sense to buy.
Thanks! Really appreciating the wisdom here and learning a lot, and hoping I can be helpful in return, too.