If you want to move to Canmore in the future and you want to make sure that the quickly appreciating Canmore market will not run away from you, I have a plan for you. I found for my clients a house that will allow them to sleep well knowing that they can in the future either move into this property or exchange it for something suitable when their time comes to move in. Using this example as a template, I would be delighted to repeat this scenario with you.
Let’s do some math:
They paid for a beautiful detached house in a quiet and safe neighborhood $830,000. The house was under a rental contract with a couple of tenants cash flowing combined $3600/month. Long term shared accommodation contract. Obviously, because we are looking at the rental property, the purchaser cannot be CMHC insured, therefore 20% down is the minimum.
830k x 20% = $166 000 downpayment will leave you with monthly payment $2,812, assuming currently conservative rate of 2%, amortization 25 years and 5 year term. They will have $800x12= $9600 to save for taxes assessed at $3,240. They will have to pay approximately $3000 for insurance and water and sewer say $250/month which is another $3000.
Based on the above numbers (9600-3240-3000-3000=640), my clients will be able to go to Patrinos and buy exactly 40 pints of arguably the very best lager you can get in the whole WORLD!
I will invite the first couple of people who will email me where is this golden gem made!
As always, your happiness is what motivates me. You know where you can find me,
I can easily send you the current list of similar properties to think about. As always CHEERS!