Mortgage-20% down payment dropped since June

The required salary to purchase an average-priced home in Hamilton with a 20 per cent down payment has dropped by more than $11,000 since June, recent. The tumble comes as home prices in Steeltown continue to cool as rising mortgage rates push some would-be buyers to wait on the sidelines, causing fierce competition to fall to the wayside.

It used real estate data from March, June and August 2022 to make the calculations. The estimations were also based on a mortgage with a 20 per cent down payment, a 25-year amortization period, $4,000 in annual property taxes and a $150 monthly heating bill. Source-The Hamilton Spectator Read More