Vaughan was once a sleepy little town that boasted little more than the nation-wide known amusement park, Canada’s Wonderland. As such, before 1991 when it became the booming metropolis that it is today, Vaughan mortgages were known as being extremely affordable, yet still close enough to Toronto to be within arm’s reach of everything.
Today Toronto has expanded, and Vaughan has too; it’s now officially known as part of the Greater Toronto Area. And along with the largest amusement park in Canada, Vaughan is also known for other major attractions such as Vaughan Mills shopping centre and the Canadian Soccer Hall of Fame and Museum, to name just a few. But as the city grows, the mortgages have remained just as affordable, and the area just as beautiful, as it’s always been. Whether you’re just moving to the area or you’re looking to relocate within it, here’s your guide for Vaughan mortgages.
The average applicant income for a Vaughan mortgage is $97,582. While this is slightly higher than other areas of the province, lenders in Vaughan are also likely to be more lenient with certain requirements such as down payment and credit history, as long as the applicant excels in other areas of the mortgage application. This leniency is given simply because Vaughan is considered to be part of the GTA and so, part of one of Canada’s most major urban centres.Should there be a co-applicant on the mortgage the average income for that co-applicant on Vaughan mortgages is $64,316.The average loan amount approved for a Vaughan mortgage is $273,041. Again, while this is slightly higher than other areas of the province, it’s still much less than the average Toronto mortgage, which is usually above $400,000. And, the homeowner still enjoys all the benefits of living within downtown Toronto’s reach.The average age of Vaughan mortgage applicants is 38.Even though Vaughan has become increasingly popular over the past two decades, it’s still one of the smaller cities in Ontario and definitely one of the smaller parts of the GTA. As such, it’s provincial ranking in the Ontario mortgage market is 126.As of March 2012, Vaughan’s past contribution to the national mortgage market was 0.05%, and the projected target is expected to remain the same.The busiest day of the week in the Vaughan mortgage market is Wednesday, with a huge majority of 29.6% mortgage inquiries coming in on this mid-week day. Friday typically sees the least amount of mortgage inquiries, with only 7.4% of inquiries coming in on this day.
Vaughan mortgages are great for anyone that wants to be part of the GTA, yet still have affordable options to do so. This area is one that is growing exponentially by the day, and is only going to keep expanding. As it becomes more popular, it might be harder to find your dream home, so make sure you speak to someone about your options for a Vaughan mortgage today. There’s never been a better time to own in Vaughan!