Down payment, mortgage payments, insurance, taxes — the cost of that first year of homeownership adds up.
The study by Point2Homes — an online realty firm — found the first year of ownership was $142,388 in Calgary. These expenses include the down payment of about $104,000 for the benchmark price of home of about $521,000 and closing costs of about $1,900.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The study calculated this timespan based on average household renter income in Calgary of about $69,000, and the potential to set aside 20 per cent of that income per year to save. In contrast, first-time buyers need to save for seven years to afford the benchmark priced home of $360,000 in Edmonton — the shortest span among all major cities in the study. There, these buyers require a downpayment of $72,000 and closing costs of about $1,800, while making annual mortgage payments of about $22,000.
Additionally, insurance was about $1,000, while property taxes cost about $3,400. All told, Edmonton buyers would need $100,078 to cover the first year of ownership. That’s based on the average household income of renters in the city of about $71,000, and the ability to save about $14,000 of income per year.
Among all Canadian cities, Richmond Hill, Ont., had the longest savings period for first-year ownership costs, where first-time buyers require 28 years to have enough to pay nearly $305,000.
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