When to get a mortgage? | Financial planner | The Globe and Mail

When to get a mortgage? | Financial planner | The Globe and Mail

The average mortgage payment for a first-time homebuyer has now jumped more than 10 per cent since the Great Recession, to $2,724, the federal government has said.

The average mortgage payments of first-timers jumped an average of 8.3 per cent over the same period, a Globe and 30 per cent more than in the same year a decade ago.

And, for first-year homeowners who borrowed for the first time in 2018, the average monthly payment is now $1,874, up 9.7 per cent from $1.564 in 2018.

The increase comes as the median price of a detached home in the city has more than doubled to $1 million from $700,000 in 2017.

But the price of homes in the country’s most expensive market, Vancouver, has dropped 9.5 per cent in the past year.

Meanwhile, the price for a single-family home in Greater Vancouver has jumped 12.6 per cent this year to $4,400, according to the Real Estate Board of Greater Vancouver.

The rate of price increases for detached homes has also increased significantly over the past decade, with average price increases of more than 15 per cent for single-unit homes, up from 4 per cent the decade before.

The national average price of detached houses is now more than $1-million, while the average price for single homes is about $900,000, the Real Property Institute of Canada said.

But prices for condos are now about $1-$2-million higher than the national average.

As of September, the median asking price for first homes sold in Vancouver is $1m, down $6,000 from September 2017, the BC Real Estate Association said in a statement.

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