Personal Finance 101–Buying a House or Condo

For most, buying a house or a condominium may be one of the largest purchases we make in our lifetime. With the average Canadian house price hovering around $470,000 and the average condo cost around $260,000 finding ways to turn dreams into reality requires lots of planning, sacrificing and hard work.

Setting S.M.A.R.T. goals will not only help bring structure to our plan, and keeps us from making unwise choices. Early in the planning stages it is important to understand if home ownership is right for you (click here). Once this has been determined deciding how to make the purchase effectively is the next step.

Typically, real estate investment purchases are made using mostly borrowed money. Anywhere from 80% to 90% of the funds needed to pay the cost of purchasing a house or condo comes from using someone else’s money. The rest of the cost is paid for with money that has been saved.

Use the calculator to find out how much you should be saving each month.

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