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Houses for $1200/month budgets

Updated: Dec 19, 2019

Canadian Mortgage Housing Corporation (CMHC) produced this Rental Market Report for Halifax, NS, late 2018. From this document, I get $1200 as an average cost renters are paying for a 2 or 3 bedroom unit. (Average 2 bedroom is $1156, average 3 bedroom is $1355. This data is over a year old now.)


Let's say you're currently renting at this rate. What could you buy that would keep you at that same monthly cost?


In terms of a house, this could be a detached (standing on its own) or semi-detached (a duplex unit attached to another) home. Let's set aside $400 for monthly expenses you would have for a house that you're not having to pay as a renter (taxes, insurance, heating, electricity, water, maintenance, etc. noting that maybe you are already paying some of these as a renter.) You could then have $800 per month to pay on a mortgage.


With current rates, you could get a house at $180, 000.


What does that look like, around town? (These were all available on December 17, 2019.)


Spryfield

$179,900

3 Bedrooms

1 Bathroom

996 square feet





Woodlawn

$179,000

3 Bedrooms

1 Bathroom

1410 square feet




Eastern Passage

$180,000

3 Bedrooms

2 Bathrooms

1842 square feet




Upper Sackville

$182,900

3 Bedrooms

1 Bathroom

748 square feet





Whites Lake

$184,900

2 Bedrooms

1 Bathroom

1025 square feet



Aren't they all quite cute? You can get a good home at this price. It's not going to be on the peninsula but it can certainly be within a reasonable drive away, 15-30 minutes, easily.


If you'd like to talk about a more detailed budget, or to get introduced to a good mortgage broker, or to go for a tour of any of these houses, get in touch.


Nicole, 902-717-3438.

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