The mortgage here is called morgich. The money that the bank gives, what interest rates. Depending on the bank and the terms of the interest rate, somewhere now the average ranges from 3.5 to 5% per annum for the amount that the bank lends you to buy a house.
What are the prices? Prices depend solely on the location of the housing where a person wants to buy a house. It can be a large metropolis like Toronto, Vancouver or Montreal. There are their own prices. At the moment, the leader in the most expensive real estate is Vancouver. There are a very large number of rich Chinese from Hong Kong, they come to retire, buy houses. Thus, prices on the market are very much raised. The second most expensive city is Toronto. It is considered the business center of Canada. All the headquarters of large companies are located in Toronto, and naturally the income level of the population there is quite high. Due to this, the housing market is also growing. The third most expensive city is Montreal. The prices here, though expensive, are not prohibitive compared to Vancouver and Toronto. What kind of money are we talking about?
It is difficult to talk about any specific amounts. It cannot be said that the house will cost so much, as you understand, it all depends on which house, the area, the number of floors, which by location. Relatively speaking, let’s say a house that is closer to the outskirts, not near the center, is one-story, with an underground floor or with a basement. Such a house in Montreal will cost about $ 400,000, ± $100,000. In Toronto, the same house will cost about $ 800,000, ± $150,000. And, the same house in Vancouver will cost about $ 1200,000, ± 100,000. If we move away from these large cities by about 100 km, then the price drops by about 30-40 percent.
If we go another 100 km, that is, 200 km, then the price of this housing will be 2 times lower, and maybe a little more than 2 times than in these cities that I have named. In order to take a morgich in a bank, you need to have a permanent job and you need to make a certain deposit amount. Moreover, the amount may be quite small. No one says that you have to contribute 50% of the amount. It can be in the range of $10,000. In principle, this is a very real amount for any person who has just arrived or worked a little, etc.
This is the amount you can earn in a few months of living in Canada. And then, depending on how much a person takes out a loan, he pays a certain amount of money. It should be said that the size of the morgich according to the amounts that I know from people that they pay, the prices are Montreal, I say right away. People pay between $700 and $1,500 a month in fees while living in their home. Plus, don’t forget that after buying a house, you will have to pay 7 to 10% of the house value in taxes every year. Plus other taxes paid by the owners. Plus taxes, so-called taxes that are related to street cleaning, electric maintenance, etc.
There is also an amount in the region of 400-700 dollars per month. Being a homeowner is not such a cheap pleasure. By and large, I answered the question. If there are any more questions on this topic, ask.
