How much your Utilities cost a month ?

Even though I was working as a REALTOR when we bought our house, I was kind of concern about the utilities payments. Similarly I am asked by my each client who is a first time home buyer. I am also asking my client to consider utility cost significant, because lately hydro rates has been increased and as government of Ontario advised consumer to be ready to pay more in future.

Based on data I collected from my clients and my own data shows that if you have a house,



- Between 1500 - 2000 square feet utility will cost you approximately $200 per month.
- Between 2000 - 2500 square feet utility will cost you approximately $250 per month. 
- Between 2500 - 3000 square feet utility will cost you approximately $300 per month.

If you would like to know more which appliance cost you more or less for hydro... Try here

Mortgage Rate - Never this low - 2.99 % 5 year Fix..

Recently Bank Of Montreal offered 2.99 % interest rate on 5 year fixed mortgage.

 

In my view it's a very good deal for those home buyers who can afford 25 years amortiazation.

 

Here are some comparision between traditional 30 years mortgage and 25 years with @ 2.99 %

 

           Traditional Mortgage                                2.99 % Mortgage

 

1)     30 years amortization                                                                  25 years amortization

 

2)     20 % Once a year lump sum payment                                       10 % once a year lump sum payment

 

3)    You can double up a payment                                                     You can't skip or double up a payment.

 

4)    You can refinance or switch your lander                                     You can't refinance or switch your lander

 

 

Best regards,

 

Ritesh Joshi
Your Next Door Realtor

www.riteshtherealtor.com

647-281-3424