CMHC freedom day

Notice how when offering as an incentive they disclose how little money you are putting towards principal.

"Remember 95% of your payments in your first year could be interest"


Marketers are creative with numbers! This inspired me to look at the 40 year mortgage more creatively myself.

With a 5% rate and 40 year amortization 14% of your payment goes toward repaying your debt in the first year. Not quit as depressing as the ad would imply. Leave it to me for some positive spin.



How much do you pay off in the first year? $805 for each $100,000 owed as shown below.

The first two charts neglected CMHC fees. From the last post we determined that with a 40 year mortgage and 5% down you need to tack on 3.35% to the loan amount. While the last generation celebrated being mortgage free, we can aspire to "CMHC freedom day". That is the day to celebrate paying off the CMHC premium portion of the balance. This happens on month 46 as illustrated in the chart below.

Relaxing housing prices

Below are some interesting ways to describe falling real estate values in Alberta:

"Relaxing House Prices"
Edmonton Journal, May 07, 2008

"Softening In Prices"
Edmonton Journal quoting Marc Perras, May 06 2008

"The market is no longer bearing the prices that it did a year ago"
Ed Jensen, CREB, May 1, 2008

MLS® housing sales and prices remain stable in April
Realtors Association of Edmonton, May 5, 2008

Feel free to add your own.

US comparison update

Below is a table of median single family homes across the U.S. with some Canadian locations thrown in. No adjustment was required in currency. Canadian info from January MLS reports. US data from CNN.

The U.S. median fell from 220K to 206K since last time I posted.

oungstown-Warren-Boardman	OH-PA	$72.60
Saginaw-Saginaw Township North	MI	$74.90
Decatur	IL	$75.00
Elmira	NY	$81.20
South Bend-Mishawaka	IN	$86.30
Ft. Wayne	IN	$90.90
Canton-Massillon	OH	$98.10
Erie	PA	$98.60
Davenport-Moline-Rock Island	IA-IL	$102.10
Toledo	OH	$104.00
Buffalo-Niagara Falls	NY	$105.40
Dayton	OH	$106.60
Springfield	IL	$108.60
Akron	OH	$109.10
Lansing-E.Lansing	MI	$109.60
Binghamton	NY	$110.00
Topeka	KS	$112.30
Rockford	IL	$113.20
Beaumont-Port Arthur	TX	$113.60
Wichita	KS	$113.80
Indianapolis	IN	$114.00
Waterloo/Cedar Falls	IA	$115.40
Cumberland	MD-WV	$116.60
Pittsburgh	PA	$116.90
Peoria	IL	$118.50
Cleveland-Elyria-Mentor	OH	$118.60
Amarillo	TX	$120.20
Springfield	MO	$120.70
Rochester	NY	$120.80
Jackson	MS	$120.90
Chattanooga	TN-GA	$121.60
Spartanburg	SC	$121.80
Charleston	WV	$122.90
Grand Rapids	MI	$124.30
Memphis	TN-MS-AR	$124.30
Kankakee-Bradley	IL	$124.40
Gary-Hammond	IN	$124.60
Syracuse	NY	$126.30
Little Rock-N. Little Rock	AR	$127.50
Appleton	WI	$130.90
Cincinnati-Middletown	OH-KY-IN	$132.40
Louisville	KY-IN	$133.00
Detroit-Warren-Livonia	MI	$133.30
Saint Louis	MO-IL	$133.50
El Paso	TX	$133.60
Oklahoma City	OK	$133.80
Cedar Rapids	IA	$134.90
Shreveport-Bossier City	LA	$135.40
Omaha	NE-IA	$135.70
Columbus	OH	$137.20
Mobile	AL	$137.40
Corpus Christi	TX	$137.90
Lincoln	NE	$138.10
Fargo	ND-MN	$141.70
Sioux Falls	SD	$142.40
Lexington-Fayette	KY	$142.90
Montgomery	AL	$143.40
Champaign-Urbana	IL	$143.60
Bismarck	ND	$144.70
Columbia	SC	$144.90
Dallas-Fort Worth-Arlington	TX	$145.00
Bloomington-Normal	IL	$145.30
Kansas City	MO-KS	$148.20
Green Bay	WI	$148.90
Houston-Baytown-Sugar Land	TX	$150.30
Gulfport-Biloxi	MS	$150.40
Greensboro-High Point	NC	$150.70
Palm Bay-Melbourne-Titusville	FL	$151.30
San Antonio	TX	$151.70
Des Moines	IA	$152.60
Reading	PA	$153.60
Knoxville	TN	$155.00
Ocala	FL	$155.10
Greenville	SC	$155.40
Birmingham-Hoover	AL	$156.10
Pensacola-Ferry Pass-Brent	FL	$156.40
New Orleans-Metairie-Kenner	LA	$158.20
Glens Falls	NY	$163.90
Atlanta Sandy Springs-Marietta	GA	$164.30
Baton Rouge	LA	$169.70
Yakima	WA	$170.60
Kennewick-Richland-Pasco	WA	$172.40
Jacksonville	FL	$177.60
Durham	NC	$178.10
Tallahassee	FL	$180.90
Deltona-Daytona Beach-Ormond Beach	FL	$181.10
Austin-Round Rock	TX	$185.70
Farmington	NM	$186.50
Hagerstown-Martinsburg	MD-WV	$192.10
Spokane	WA	$194.10
Albuquerque	NM	$195.90
Gainesville	FL	$196.70
Boise City-Nampa	ID	$198.00
Dover	DE	$199.60
Albany-Schenectady-Troy	NY	$199.70
Tampa-St.Petersburg-Clearwater	FL	$201.60
Pittsfield	MA	$202.60
Charleston-North Charleston	SC	$204.50
U.S.	Median	$206.20
Charlotte-Gastonia-Concord	NC-SC	$204.70
Springfield	MA	$206.40
Colordo Springs	CO	$210.70
Minneapolis-St. Paul-Bloomington	MN-WI	$217.20
Milwaukee-Waukesha-West Allis	WI	$219.50
Cape Coral-Fort Myers	FL	$225.30
Richmond	VA	$225.70
Philadelphia-Camden-Wilmington	PA-NJ-DE-MD	$226.80
Madison	WI	$227.70
Salt Lake City	UT	$229.10
Denver-Aurora	CO	$230.10
Salem	OR	$231.20
Raleigh-Cary	NC	$235.60
Tucson	AZ	$235.80
Virginia Beach-Norfolk-Newport News	VA-NC	$236.00
Eugene-Springfield	OR	$237.60
Orlando	FL	$240.40
Phoenix-Mesa-Scottsdale	AZ	$241.70
Portland-South Portland-Biddeford	ME	$242.10
Kingston	NY	$246.10
Allentown-Bethlehem-Easton	PA-NJ	$246.50
Norwich-New London	CT	$252.40
Hartford-West Hartford-East Hartford	CT	$258.00
Worcester	MA	$259.00
Chicago-Naperville-Joliet	IL	$261.00
New Haven-Milford	CT	$268.80
Providence-New Bedford-Fall River	RI-MA	$273.20
Las Vegas-Paradise	NV	$273.50
Sarasota-Bradenton-Venice	FL	$274.10
Baltimore-Towson	MD	$275.10
Atlantic City	NJ	$278.80
Saskatoon*	SK	$284.50
Portland-Vancouver-Beaverton	OR-WA	$290.50
Sacramento--Arden-Arcade--Roseville	CA	$297.60
Reno-Sparks	NV	$301.30
Trenton-Ewing	NJ	$306.80
Riverside-San Bernardino-Ontario	CA	$338.00
Miami-Fort Lauderdale-Miami Beach	FL	$345.90
Edmonton	AB	$364.00
NY: Edison	NJ	$370.30
Boulder	CO	$371.10
Seattle-Tacoma-Bellevue	WA	$377.50
Boston-Cambridge-Quincy	MA-NH**	$380.70
Barnstable Town	MA	$382.30
Washington-Arlington-Alexandria	DC-VA-MD-WV	$400.10
Calgary	AB	$410.00
NY: Newark-Union	NJ-PA	$435.80
New York-Northern New Jersey-Long Island	NY-NJ-PA	$457.40
Bridgeport-Stamford-Norwalk	CT	$460.20
NY: Nassau-Suffolk	NY	$461.70
Los Angeles-Long Beach-Santa Ana	CA	$509.70
San Diego-Carlsbad-San Marcos	CA	$522.90
New York-Wayne-White Plains	NY-NJ	$523.30
Honolulu	HI	$625.30
Fort McMurray*	AB	$632.50
Anaheim-Santa Ana	CA	$657.40
Greater Vancouver**	BC	$742.50
San Francisco-Oakland-Fremont	CA	$777.30
San Jose-Sunnyvale-Santa Clara	CA	$845.30

*Used average price for Saskatoon, Fort Mac
**Used Benchmark detached price for Greater Vancouver

keep scrolling, you'll find them

Below is a table of median single family homes across the U.S. with some Albertan locations thrown in. No adjustment was required in currency. Alberta info from November MLS reports. US data from CNN.

Also interesting is Canadian interactive pricing map (These stats are averages and include condos).

City	State	Median
Youngstown-Warren-Boardman	OH - PA	$81,600
Saginaw-Saginaw Township North	MI	$84,900
Decatur	IL	$85,900
Elmira	NY	$93,300
South Bend-Mishawaka	IN	$95,200
Ft. Wayne	IN	$101,300
Erie	PA	$103,800
Toledo	OH	$107,100
Cumberland	WV	$107,700
Buffalo-Niagara Falls	NY	$110,900
Springfield	IL	$111,200
Davenport-Moline-Rock Island	IA - IL	$114,600
Canton-Massillon	OH	$115,700
Waterloo/Cedar Falls	IA	$115,800
Topeka	KS	$117,100
Wichita	KS	$118,800
Binghamton	NY	$119,600
Dayton	OH	$121,400
Rochester	NY	$123,000
Amarillo	TX	$123,100
Charleston	WV	$123,400
Indianapolis	IN	$123,500
Akron	OH	$124,700
Syracuse	NY	$124,900
Rockford	IL	$125,100
Peoria	IL	$125,200
Springfield	MO	$127,000
Pittsburgh	PA	$127,700
Appleton	WI	$128,500
Grand Rapids	MI	$128,600
Beaumont-Port Arthur	TX	$129,100
Oklahoma City	OK	$130,000
Little Rock-N. Little Rock	AR	$131,600
Cleveland-Elyria-Mentor	OH	$132,700
Chattanooga	TN - GA	$133,200
Lansing-E.Lansing	MI	$133,700
Spartanburg	SC	$134,400
El Paso	TX	$135,800
Mobile	AL	$136,300
Lincoln	NE	$138,800
Shreveport-Bossier City	LA	$140,200
Corpus Christi	TX	$140,500
Memphis	TN - MS - AR	$141,300
Louisville	KY - IN	$141,900
Kankakee-Bradley	IL	$142,100
Champaign-Urbana	IL	$142,600
Omaha	NE - IA	$142,800
Detroit-Warren-Livonia	MI	$142,900
Gary-Hammond	IN	$144,300
Cincinnati-Middletown	OH - KY - IN	$145,300
Jackson	MS	$145,400
Fargo	ND - MN	$145,700
Dallas-Fort Worth-Arlington	TX	$146,800
Sioux Falls	SD	$147,100
Montgomery	AL	$148,400
Columbia	SC	$149,500
Lexington-Fayette	KY	$150,100
Saint Louis	MO - IL	$150,500
Columbus	OH	$151,600
Des Moines	IA	$153,900
San Antonio	TX	$154,700
Greensboro-High Point	NC	$155,500
Bloomington-Normal	IL	$155,800
Houston-Baytown-Sugar Land	TX	$155,800
Kansas City	MO - KS	$157,000
Knoxville	TN	$158,400
Gulfport-Biloxi	MS	$159,200
Greenville	SC	$159,600
New Orleans-Metairie-Kenner	LA	$160,200
Ocala	FL	$160,800
Bismarck	ND	$161,600
Green Bay	WI	$162,900
Reading	PA	$162,900
Yakima	WA	$163,200
Birmingham-Hoover	AL	$165,900
Pensacola-Ferry Pass-Brent	FL	$170,000
Glens Falls	NY	$170,700
Kennewick-Richland-Pasco	WA	$172,300
Tallahassee	FL	$174,300
Atlanta-Sandy Springs-Marietta	GA	$175,300
Baton Rouge	LA	$176,700
Palm Bay-Melbourne-Titusville	FL	$182,400
Durham	NC	$186,900
Austin-Round Rock	TX	$188,200
Jacksonville	FL	$189,200
Farmington	NM	$190,400
Deltona-Daytona Beach-Ormond Beach	FL	$195,000
Albany-Schenectady-Troy	NY	$204,500
Albuquerque	NM	$204,800
Gainesville	FL	$206,600
Spokane	WA	$206,800
Hagerstown-Martinsburg	MD - WV	$208,400
Boise City-Nampa	ID	$209,000
Charleston-North Charleston	SC	$212,300
Springfield	MA	$214,900
Pittsfield	MA	$215,300
Tampa-St.Petersburg-Clearwater	FL	$218,300
Dover	DE	$219,800
Charlotte-Gastonia-Concord	NC - SC	$220,100
U.S.		$220,800
Colordo Springs	CO	$222,400
Raleigh-Cary	NC	$229,500
Minneapolis-St. Paul-Bloomington	MN - WI	$229,600
Milwaukee-Waukesha-West Allis	WI	$231,100
Madison	WI	$234,500
Salem	OR	$235,400
Cape Coral-Fort Myers	FL	$236,700
Richmond	VA	$238,800
Eugene-Springfield	OR	$241,900
Philadelphia-Camden-Wilmington	PA - NJ - DE	$243,000
Tucson	AZ	$244,800
Portland-South Portland-Biddeford	ME	$245,900
Salt Lake City	UT	$246,700
Denver-Aurora	CO	$254,100
Virginia Beach-Norfolk-Newport News	VA - NC	$255,000
Phoenix-Mesa-Scottsdale	AZ	$255,500
Norwich-New London	CT	$266,000
Orlando	FL	$266,800
Kingston	NY	$269,500
Hartford-West Hartford-East Hartford	CT	$270,100
Allentown-Bethlehem-Easton	PA - NJ	$272,900
Atlantic City	NJ	$273,100
Worcester	MA	$282,800
Chicago-Naperville-Joliet	IL	$286,400
Sarasota-Bradenton-Venice	FL	$287,400
Providence-New Bedford-Fall River	RI - MA	$291,000
Baltimore-Towson	MD	$291,400
New Haven-Milford	CT	$292,400
Las Vegas-Paradise	NV	$295,500
Portland-Vancouver-Beaverton	OE - WA	$299,700
Reno-Sparks	NV	$317,300
Trenton-Ewing	NJ	$328,600
Sacramento--Arden-Arcade--Roseville	CA	$335,700
Miami-Fort Lauderdale-Miami Beach	FL	$346,800
Edmonton CMA	AB	$355,000
Boulder	CO	$367,500
Riverside-San Bernardino-Ontario	CA	$377,000
NY: Edison	NJ	$391,800
Seattle-Tacoma-Bellevue	WA	$394,700
Barnstable Town	NA	$400,600
Calgary City	AB	$407,500
Boston-Cambridge-Quincy**	MA - NH	$414,700
Washington-Arlington-Alexandria	DC - VA - MD	$438,000
NY: Newark-Union	NJ - PA	$459,700
NY: Nassau-Suffolk	NY	$470,000
New York-Northern New Jersey-Long Island	NY - NJ - PA	$476,100
Bridgeport-Stamford-Norwalk	CT	$491,100
New York-Wayne-White Plains	NY - NJ	$550,900
Los Angeles-Long Beach-Santa Ana	CA	$588,400
San Diego-Carlsbad-San Marcos	CA	$589,300
Fort McMurray (Average)	AB	$635,325
Honolulu	HI	$649,900
Anaheim-Santa Ana	CA	$700,700
San Francisco-Oakland-Fremont	CA	$825,400
San Jose-Sunnyvale-Santa Clara	CA	$852,500