Hamilton, ON

Affordability Guide

How much can you afford?

This depends on a number of factors. The most important are your gross household income, your down payment and the mortgage interest rate.

The first affordability rule is that your monthly housing costs shouldn't be more than 32 percent of your gross monthly income. Housing costs include monthly principal, interest, taxes and heating expenses (p.i.t.h.). If applicable, it also includes half of monthly condominium fees. Lenders add up these housing costs to determine what percentage they are of your gross monthly income. This figure is your GROSS DEBT SERVICE RATIO (GDSR).

The second affordability rule is that your entire monthly debt load should not be more than 40 percent of your gross household monthly income. This includes housing costs and other debts such as car loans and credit card payments. Lenders add up these debts to determine what percentage they are of your gross household monthly income. This is your TOTAL DEBT SERVICE RATIO. (TDSR

About the Down Payment

A mortgage is security for a loan on the property you own. It is the difference between your purchase price and your down payment. The greater the down payment, the less you have to borrow, and of course, the smaller your monthly mortgage payment. A few options of down payment include your savings or a non-repayable gift. There are other options available to you and this can be discussed with your REALTOR®.

Other Costs to be Aware of when you Buy

This is a list of possible extra costs involved in buying a home. Some of them are one time costs and others, such as condominium maintenance fees and property insurance, will be ongoing monthly expenses. THE GOOD NEWS IS THAT NOT ALL OF THESE COSTS MAY APPLY IN YOUR CIRUMSTANCES.

Visit www.LisaTollis.ca for more information about Real Estate & Listings in the Ancaster-Hamilton-Burlington Ontario and All of the Surrounding Areas.

Lisa Tollis SRES.
Sales Representative
Seniors Real Estate Specialist
Royal LePage State Realty, Brokerage.
Hamilton Ontario
Office: 905 574 4600
Toll Free: 1 877 574 4601
www.LisaTollis.ca

Huntington Park Area, Hamilton East Mountain - We invite everyone to visit our open house at 160 BRENTWOOD DRIVE on October 4 from 2:00 PM to 4:00 PM.

Property information

Visit www.LisaTollis.ca for more information about Real Estate & Listings in the Ancaster-Hamilton-Burlington Ontario and All of the Surrounding Areas.

Lisa Tollis SRES.
Sales Representative
Seniors Real Estate Specialist
Royal LePage State Realty, Brokerage.
Hamilton Ontario
Office: 905 574 4600
Toll Free: 1 877 574 4601

www.LisaTollis.ca

Huntington Park Area, Hamilton East Mountain - Announcing a price reduction on 160 BRENTWOOD DRIVE, a 1 bath, 3 bdrm bungalow "NEW WINDOWS & FLOORS". Now MLS® $224,900 CAD - JUST REDUCED!.

Property information

Visit www.LisaTollis.ca for more information about Real Estate & Listings in the Ancaster-Hamilton-Burlington Ontario and All of the Surrounding Areas.

Lisa Tollis SRES.
Sales Representative
Seniors Real Estate Specialist
Royal LePage State Realty, Brokerage.
Hamilton Ontario
Office: 905 574 4600
Toll Free: 1 877 574 4601

www.LisaTollis.ca

• 2 bath, 3 bdrm 2 story "TOWNHOUSE ROW UNIT" - MLS® $229,900 CAD

Glanbrook, West Hamilton Mountain - DON'T MISS THIS! IMMACULATE 3 BEDROOM, 1.5 BATH TOWNHOUSE MINUTES TO ANCASTER. THIS HOME FEATURES A LARGE BRIGHT OAK KITCHEN WITH CERAMICS, SPACIOUS FAMILY ROOM WITH GAS FIREPLACE & A WALK OUT TO A LANDSCAPED YARD WITH CONCRETE PATIO, REAR ACCESS THRU GARAGE, MAIN FLOOR LAUNDRY ROOM, SPACIOUS MASTER BEDROOM WITH WALK-IN CLOSET. BONUS INCLUDES 5APPLIANCES. TASTEFULLY DECORATED & READY TO MOVE INTO. EASY ACCESS TO SHOPPING, PARKS, THE LINC & QEW. RSA. LOOK NO FURTHER, YOU JUST FOUND YOUR NEW HOME! CALL TODAY TO VIEW.

Features: Automatic Garage Dr, Highspeed Internet Access, Satellite, Roughed-In Central Vac, Walk-In Closet, Main Flr. Laundry, Main Flr. Family Rm, Eat-in Kitchen

Inclusions: FRIDGE,STOVE,DISHWASHER,WASHER,DRYER, ALL LIGHT FIXTURE,WINDOW COVERINGS,GARAGE DOOR OPENER
Exclusions: DINING RM LIGHT FIXTURES

Property information

Visit www.LisaTollis.ca for more information about Real Estate & Listings in the Ancaster-Hamilton-Burlington Ontario and All of the Surrounding Areas.

Lisa Tollis SRES.
Sales Representative
Seniors Real Estate Specialist
Royal LePage State Realty, Brokerage.
Hamilton Ontario
Office: 905 574 4600
Toll Free: 1 877 574 4601

www.LisaTollis.ca

August sales continue trend

(September 3, 2009 - Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 1,133 units sold in August, indicating an increase of 16 per cent over the same month last year. The total unit sales for the first eight months of 2009 are being reported at 4.5 per cent lower for the same period last year, while new units listed are 8.6 per cent lower for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).

"With summer coming to a close, it is a good time to reflect on the local resale market," said Bruce King, RAHB President. "The August numbers continued the positive trend set in July, with sales and average price up, year over year. 2009 has thus far continued to surprise market watchers."

Residential properties sold during August totalled 1,090 which included 846 freehold properties and 244 condominiums. Commercial sales for August, including industrial, farm, vacant land and business, totalled 43 units.

The average price of freehold residential properties sold in the month of August was $313,356, an increase of 2.7 per cent over August last year. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.

In the condominium market the average price of condominiums in August was $215,154, an increase of 1.3 per cent over August 2008.

The total number of units listed for sale during August was 1,535, which is 2.8 per cent fewer than were listed in the same period in 2008.

"Last week CREA revised their annual forecast to accommodate the strong sales we saw in the second quarter and are now seeing in the third," added King. "Their revision represents a change in the predicted annual decline in activity to 0.4 per cent compared to levels set in 2008, and is a significant upward adjustment from the previously forecast decline of 14.7 per cent issued last May."

Unit sales reflect "all property types" including residential, condominiums, commercial property, farmland and sale of businesses.

courtesy of: RAHB Realtors Association of Hamilton-Burlington

Visit www.LisaTollis.ca for more information about Real Estate & Listings in the Ancaster-Hamilton-Burlington Ontario and All of the Surrounding Areas.

Lisa Tollis SRES.
Sales Representative
Seniors Real Estate Specialist
Royal LePage State Realty, Brokerage.
Hamilton Ontario
Office: 905 574 4600
Toll Free: 1 877 574 4601

www.LisaTollis.ca