Increased property listings and costs reported in Perth, as asserted by the local real estate board. Here are some houses within the area's average price threshold:
Looking for an affordable home in Perth on an average income? here's what you can expect!
With a typical household income of $68,100, a Perth resident might be able to manage a home just above $390,000, according to the Bank of Montreal's mortgage affordability calculator. This figure considers a five-year fixed mortgage with a 25-year amortization and a 5.25% interest rate.
To secure a mortgage of up to $371,402 with an initial deposit of $20,000, the average household can buy a home priced at $391,402.
At a 2.5% interest rate, the monthly mortgage payment will be around $1,664.
Now, let's take a peek at some homes available for less than $390,000 in Perth:
Address: 93 Beckwith St. E.
- Type: Single-family home
- MLS Listing:www.realtor.ca/real-estate/28131925/93-beckwith-street-e-perth-907-perth
- Bedrooms: 2
- Bathrooms: 1
- Annual Property Taxes: $2,238
Address: 14 Craig St.
- Type: Single-family townhouse
- MLS Listing:www.realtor.ca/real-estate/28139376/14-craig-street-perth-907-perth
- Bedrooms: 3
- Bathrooms: 2
- Annual Property Taxes: $2,611
Address: 201-22 Welland St.
- Type: Single-family condominium
- MLS Listing:www.realtor.ca/real-estate/28231958/201-22-welland-street-perth-907-perth
- Bedrooms: 2
- Bathrooms: 1
- Annual Property Taxes: $2,857
Worth pondering, a report by the Rideau-St. Lawrence Real Estate Board indicates an 8.5% increase in new listings in the area in March 2025, from the previous year. The board covers homes in the United Counties of Leeds and Grenville, Lanark, and part of Dundas County. The average price of homes sold, $573,586, saw a slight increase of 2% from March 2024.
- The weather in Perth can greatly influence one's decision to buy a home, as it's known for its warm summers and cold winters, which some may find charming while others may prefer milder climates.
- Politics play a role in the real estate market, as government policies can impact mortgage rates, housing regulations, and property taxes, which, in turn, affect home affordability.
- Opinions on Perth's housing market are divided, with some believing it to be a good investment due to its steady growth, while others argue that it's overpriced and overvalued.
- For those interested in investing in the Perth real estate market, it's essential to keep an eye on business trends and finance news, as they can provide insights into the future of the housing market.
- Entertainment options and lifestyle factors are also essential considerations when deciding to buy a home, as a vibrant cultural scene and numerous outdoor activities can greatly enhance one's quality of life.
- For home buyers looking for an affordable option in Perth, the mortgage affordability calculator suggests a home priced at around $390,000 can be managed with a typical household income of $68,100.
- With a five-year fixed mortgage at a 5.25% interest rate, the mortgage payment for a home priced at $390,000 would be approximately $1,664 per month.
- To secure a mortgage of up to $371,402 (with a 20,000 initial deposit), residents can explore properties listed for less than $390,000, such as those at 93 Beckwith St. E., 14 Craig St., or 201-22 Welland St.
- As demand continues to grow in Perth, keeping track of the housing market trends, such as the increase in new listings and the average sales price, can help potential home buyers make informed decisions.
