This assignment involves a comprehensive assessment of the costs associated with the acquisition of a residential property, factoring in the ongoing mortgage expenses. Assume an inheritance of $150,000.00 as the financial foundation for contributing to all closing expenses and the down payment. The full amount of $150,000 should be utilized for the purpose of this assessment. 

  1. Begin by conducting an online search for a house or condominium that you intend to purchase. For the purposes of this assignment, the chosen property must be located in Ontario. Attach a screenshot displaying the property’s price, description, and precise location. Please avoid sharing links, as they become inactive once a property is sold. (5 marks)
  2. Proceed to calculate the aggregate closing costs required to finalize the purchase of your selected property. Construct a table that itemizes these costs along with a summation. You may estimate some costs, except for land transfer taxes, which should be calculated using the following link: Focus on recognizing the various expenses associated with closing a real estate transaction. (15 marks)
  3. Deduct the closing costs calculated in #2 from the $150,000.00 inheritance to ascertain the available amount for the down payment. (5 marks)
  4. Using your down payment amount, calculate the necessary mortgage amount to facilitate the purchase of the selected property. (5 marks)
  5. Determine the monthly mortgage payment required, assuming a 25-year amortization period. Utilize the following resource for this calculation: Select any suitable interest rate from the options provided in the mortgage calculator. Ensure that you incorporate CMHC mortgage insurance if your down payment is less than 20% of the purchase price of the home. For CMHC calculations, refer to: Attach a screenshot reflecting the values used for the payment calculation. (10 marks)
  6. Compute the minimum annual salary required to qualify for the mortgage based on your Gross Debt Service (GDS) ratio. Presume annual property taxes to be 1.5% of the property’s value, and heating costs to be $150 per month. (15 marks)
  7. Presentation: 10 marks will be allocated towards the overall professionalism of your assignment. This encompasses aspects such as organization, spelling/grammar, structural coherence, formatting, readability, and the inclusion of proper references. Please ensure that references are provided in APA format.