Common Concerns of Virgin Homebuers

“A nice house is too expensive”

The average house in Ottawa in 2008 sold for $288,500. Your monthly payment on this house would be approximately $1175. Now remember, this is the AVERAGE house in Ottawa, does that sound too expensive?

“Monthly mortgage payments are too high”

The average rent for a 2 bedroom apartment in Ottawa is $960/month. With ‘yesterday’s’ interest rate of 4.9% that same $960/month equates to a $193,000 home. With ‘today’s’ interest rate of 3.45% and the same monthly payments you could afford a $240,000 home! What would you say if someone offered you $47,000 towards your first home?

“I’m worried about home values dropping”

The average price for all of 2008 was $288,500, an increase of 6.3% over 2007. Paying rent each month is in fact losing you more money than you know. Consider this, if you were to buy a $300,000 home with 5% down, and experience a very modest 3% growth (half of the expected national average), your $15,000 investment would increase to $24,000 which is a 60% return on investment! Whereas your $11,760 (1 year of $960/month rent) has gone towards paying off someone else’s mortgage.

“I don't even know where to start”

You already have! Making the first move to your move is doing your initial research anf getting answers!