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Affordability

Although very popular with our neighbours to the South, and recognized as a way to free up capital, land-lease communities have become more popular in Canada in the past several years. As the Baby Boomer population ages, these upscale, adult lifestyle communities have begun to flourish in Canada.

The advantage of land-lease communities is that you don’t have to invest large sums of money ($50,000 – to sometimes $100,000 plus) into a lot,. With only the home to purchase, you are able to free up capital, as well as monthly expenditures, allowing you to enjoy other interests such as travel or a southern winter home or perhaps even other investments.

The overall cost of living in the Owen Sound area is about 10% below the Canadian average. Housing costs are about 20% below the Canadian average, which saves you money to be utilized elsewhere.

The approximate costs for living in NorthPark Estates are as follows:

Base Rent - $350.00 Includes Cable TV and snow removal of main roads
Water and Sewer - $32.00 Includes all water testing as a result of Walkerton
Taxes - Vary on the size of the house $ 80.00 - $95.00
Includes garbage and recycling pick up

Total approximate cost $462.00 - $477.00

Charges include rent of the site, water & sewer charges, water testing charges, common area snow removal, common area maintenance, personal taxes and common area taxes..

Additional Costs to you are: Hydro, Telephone, and Natural Gas if applicable.

Financing

Mortgage Program Manufactured Home


We have teamed up with the Royal Bank of Canada who specializes in financing manufactured homes, to bring you the most competitive rates.

  • Limited to fixed rates
  • CMHC insurance is required regardless of the loan value
  • Maximum loan value is 95%
  • Must be in an Approved Modular Home Community
  • Must be owner-occupied
  • The site tenant, purchaser, and the borrower must be one and the same
  • A copy of the Site Lease must be accepted by the lender
  • Maximum amortization 25 years
  

Look at the accompanying comparisons to give you an idea what your monthly costs could be. 

Mortgage Amount Comparisons 
(Based on 25 year Amortization) 

Amount of Mortgage

Interest Rate

Term

Monthly Payment

Principal Paid

Interest Paid

Principal Balance
             

$60,000

4.5%

5

$332.08

$7,321.96

$12,602.84

$52,678.04

$70,000

4.5%

5

$387.43

$8,542.43

$14,703.37

$61,457.57

$80,000

4.5%

5

$442.78

$9,762.97

$16,803.83

$70,237.03

$90,000

4.5%

5

$ 498.13

$10,983.57

$18,904.23

$79,016.43

$100,000

4.5%

5

$553.47

$12,203.38

$21,004.82

$87,796.62
             
 
You can own a home in NorthPark Estates with 5% down, and carries monthly for under $1000.00 month for everything, except your hydro, telephone and natural gas. This is cheaper than many comparable rentals or condo’s. 

 

Payment Calculator

 
 

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