Houses for $1200/month budgets

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.