Looking for a new place and crunching the numbers can be stressful when you’re figuring out what you can afford while still maintaining the lifestyle you want.
Many people opt for the one bedroom based on their budget, however if you are not opposed to having a roommate and have the down payment, a two bedroom may be more affordable for you at the end of the day.
Here are some numbers based on one of the two bedroom, two bathroom options – 918 Square Feet we have available in Canoe at Auburn Bay.
The following numbers are based on a fixed three year rate at a 2.19% interest rate through Chris at Trilogy Mortgage Corporation. (Please contact us to set up a meeting to sit down with him to discuss your options.)
$305,656.73 Purchase price including GST
$15,500 – 5% down payment
Approximate monthly costs:
$1,300.64 monthly mortgage
$329.85 condo fees
$150.00 monthly property tax
$50.00 approx. monthly electricity cost
$38.60 community fee
Total monthly cost $1,869.09
In this area of the city, the hospital in close proximity, and a multitude of surrounding businesses and amenities, you could safely ask for $650-$800 per month rent from a potential roommate.
With that contribution, your monthly costs would be between $1219.09 – $1069.09.
With those numbers, if you are not opposed to a roommate, then the two bedroom option may be more affordable for you month to month and better for resale in the future.
Until next time!
Amanda @ Canoe