{"id":28449,"date":"2024-04-01T06:00:00","date_gmt":"2024-04-01T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=28449"},"modified":"2024-04-16T10:02:44","modified_gmt":"2024-04-16T14:02:44","slug":"average-monthly-mortgage-april-2024","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/average-monthly-mortgage-april-2024\/","title":{"rendered":"Here\u2019s How Much Canadian Homebuyers Will Spend on Their Mortgage Each Month"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Mortgage payments are often people\u2019s largest expense, surpassing insurance, gas, food, and property taxes. For this reason, it\u2019s important to understand your mortgage payment schedule, including the interest rates you&#8217;ll pay, whether to boost your down payment, make extra payments, or choose a different amortization schedule upon renewal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To provide a comprehensive overview of monthly mortgage costs across Canada, Zoocasa analyzed mortgage payments in various cities nationwide. This analysis utilized biweekly and monthly mortgage payments amortized over 15-year and 25-year terms. Additionally, average home prices were obtained from the Canadian Real Estate Association (CREA). Mortgage calculations were based on a fixed rate of 4.84%, with a 10% down payment for homes under $1 million and a 20% down payment for homes over $1 million. Furthermore, mortgage summary data was obtained from the Government of Canada\u2019s Financial Consumer Agency of Canada Mortgage Calculator.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.&nbsp;<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1234\" height=\"1760\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Frame-333.png\" alt=\"\" class=\"wp-image-28480\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Frame-333.png 1234w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Frame-333-210x300.png 210w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Frame-333-718x1024.png 718w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Frame-333-768x1095.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Frame-333-1077x1536.png 1077w\" sizes=\"auto, (max-width: 1234px) 100vw, 1234px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Finding Savings: Mortgage Payments vs. Average Rent<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In the 22 major markets analyzed, 32% of mortgage payments within a 25-year monthly mortgage payment schedule were below $2,200, the average rent in Canada<a href=\"https:\/\/rentals.ca\/national-rent-report\" target=\"_blank\" rel=\"noreferrer noopener\"> as reported by<\/a> Rentals.ca.&nbsp; The housing markets where paying a monthly mortgage is more affordable than renting include <a href=\"https:\/\/www.zoocasa.com\/saint-john-nb-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Saint John<\/a>, <a href=\"https:\/\/www.zoocasa.com\/thunder-bay-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Thunder Bay<\/a>, <a href=\"https:\/\/www.zoocasa.com\/regina-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Regina<\/a>,<a href=\"https:\/\/www.zoocasa.com\/saskatoon-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\"> Saskatoon<\/a>,<a href=\"https:\/\/www.zoocasa.com\/winnipeg-mb-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\"> Winnipeg<\/a>, <a href=\"https:\/\/www.zoocasa.com\/quebec-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Quebec<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/edmonton-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Edmonton<\/a>. With this in mind, home buyers have plenty of options across different provinces, with seven cities offering opportunities for investing in real estate that are less than mortgage payment.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/north-american-homeownership-survey-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>North American Homeownership Satisfaction High Across Generations: Survey&nbsp;<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Navigating Affordable Housing: Canadian Mortgage Options<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For those prioritizing affordability, 73% of the markets analyzed fell below the national average under the 15-year mortgage payment schedule for biweekly rates of $2,214 and monthly rates of $4,801. Housing markets exceeding this average for overall mortgage payments are primarily in Ontario&#8217;s most expensive areas, including <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Greater Toronto<\/a> and its surrounding regions of <a href=\"https:\/\/www.zoocasa.com\/kitchener-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Kitchener-Waterloo<\/a> and <a href=\"https:\/\/www.zoocasa.com\/hamilton-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Hamilton-Burlington<\/a>, as well as in British Columbia, including<a href=\"https:\/\/www.zoocasa.com\/metro-vancouver-a-bc-real-estate\/houses\" target=\"_blank\" rel=\"noreferrer noopener\"> Greater Vancouver<\/a>, <a href=\"https:\/\/www.zoocasa.com\/victoria-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Victoria<\/a>, and the <a href=\"https:\/\/www.zoocasa.com\/fraser-valley-a-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Fraser Valley<\/a>.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/best-canadian-cities-buying-condo-single-income-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Buying Solo: Here\u2019s Where You Can Buy a Condo in Canada with a Single Income&nbsp;<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Understanding Mortgage Payment Schedules and Rates<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As an illustration, let&#8217;s consider a home priced at $663,405, the national average. Breaking down the <a href=\"https:\/\/www.zoocasa.com\/blog\/mortgage-payment-growth-vs-income-2013-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">monthly ownership<\/a> costs reveals the following: after excluding the 10 percent down payment and factoring in a 4.84% fixed rate, along with $18,500 in mortgage insurance, the total balance is $615,573.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"134\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Mortgage-Costs-15-Years-750x134.png\" alt=\"\" class=\"wp-image-28453\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Mortgage-Costs-15-Years-750x134.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Mortgage-Costs-15-Years-300x54.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Mortgage-Costs-15-Years-768x138.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Mortgage-Costs-15-Years.png 1383w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Opting for a 15-year amortization period may result in higher monthly mortgage payments, but in the long run, it leads to paying less interest overall. With this example, when comparing a 15-year and a 25-year mortgage amortization period, one can save a whopping $200,000 in interest payments over time.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"134\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Motgage-Costs-25-Years-750x134.png\" alt=\"\" class=\"wp-image-28454\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Motgage-Costs-25-Years-750x134.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Motgage-Costs-25-Years-300x54.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Motgage-Costs-25-Years-768x138.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/03\/Motgage-Costs-25-Years.png 1383w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Do you have questions about affording a home? Our agents are here to assist you through the home-buying process and provide valuable insights into your local housing market. <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call <\/a>today.<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Thinking about buying or selling?<\/div>\n<div class=\"cta-body\">Our experienced agents can help.<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage payments are often people\u2019s largest expense, surpassing insurance, gas, food, and property taxes. For this reason, it\u2019s important to understand your mortgage payment schedule, including the interest rates you&#8217;ll pay, whether to boost your down payment, make extra payments, or choose a different amortization schedule upon renewal. To provide a comprehensive overview of monthly [&hellip;]<\/p>\n","protected":false},"author":157,"featured_media":28451,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1114,1111],"tags":[],"class_list":["post-28449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability-reports","category-canada"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Average Monthly Mortgage Costs Across Canada<\/title>\n<meta name=\"description\" content=\"To provide a comprehensive overview of average monthly mortgage costs, Zoocasa analyzed mortgage payments in various cities nationwide.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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