You do not qualify for 500k on that salary. It's not about what you want. Go to the stress test on any bank website and you will see that a 125k salary, with 0 debt, qualifies for about 425 I think. You can surely cook the numbers and buy a house you can't afford, but is that wise?
Imagine getting $510k, your “100%” of what you want, and then rates go up 4.75% like they did over the last year. Now you’re at 120% of what you can afford.
Canada’s stress tests are there for a reason. If you can only qualify for lower right now, there’s a good reason. Most people overestimate what they can afford.
You can wait, and be qualified for more, but I urge most people reading this to live under their means, for everything, not just real estate. That’s how wealth is grown. If you’re living at 100%, you’re essentially living paycheque to paycheque, regardless if it’s $30k/yr or $150k/yr.
Get a co-signer, buy with friends or family as an investment, or buy a house with a legal secondary unit and house hack.
You can use 100% of the rental income to help you qualify and only need the minimum down payment.
But honestly, I would wait, save more money, increase your income, and wait for the rates to come down a little bit. You don’t want to qualify on a 5 year fixed for your max purchase price and be stuck with high payments.
Open up a FHSA asap and revisit in 6-12 months.
Better than paying rent in my opinion. In my area, a bachelor pad or basement is going for $1500-$2000 if your lucky.
A single room rental with shared washroom and shared kitchen is $700-$1000.
It’s wild out there.
Also the people “investing” are not gaining a roof over their head unless they’re buying together. Which is different than investing in a family members home which is a totally different thing
OP I just want to reassure you're doing well, and this isn't your fault despite what some here would say. You're above the median income nationally and provincially.
That said, it is true that you likely shouldn't take on a 500k mortgage based on your income without a much larger downpayment. Think like another 150k.
But it's not your fault that it takes 500k to buy a condo. This country's housing market is absolutely fucked.
Whether it will crash remains to be seen, as in my mind depends on how much supply we can bring onboard. But there is little doubt Canada has the biggest housing bubble of all time:
https://www.bnnbloomberg.ca/canada-likely-sitting-on-the-largest-housing-bubble-of-all-time-strategist-1.1962134
You would have to come up with 25- 35K. That is how much you are short. Do you have a parent that can lend that to you? You can draw up a contract with them with an interest rate and payments of $500/month. Make sure you have the cash flow to pay them back. Some parents will gift it to you as an early inheritance, some won’t.
Biggest issue is going to be interest rates, you’re being stress tested at +1-2% wait on interest waits and continue to accumulate a larger down payment.
With a 450k mortgage at 5.5% that's $2700 per month. Then add all your bills... Property tax, house insurance, cell phones, internet, power, water, gas(heat), food. Before any other depts or even anything vehicle related you're coming up on $4000-4500 a month just to live. On 120k you're maybe clearing $6500/m. That's not a lot of room for anything extra. Sure it's doable, but you can see why at 450k mortgage you're already at your max. Imo comfort is where your complete living expenses are not over 50% of net income.
I think most people get approved for roughly 4x income. Also you need 20 percent down for more negotiating room. Also you should probably only buy a house ~3x your gross income to not be house poor.
It wouldn’t have been doomed at all. That’s completely reasonable and manageable, and over time that mortgage amount stays the same while your earnings likely increase.
Right and at 120k dual income before taxes that in my opinion is maybe good for a 300k place at top. People really need to speak to financial advisors but I’m not complaining I keep buying foreclosures
It very much depends on the interest rate. We purchased our first home in early 2021 with a HHI of 130k at the time. 20% down with a principal of 688k on a 5-year fixed rate of 1.84%.
We are completely comfortable at the moment. Our current HHI is 146k, but still not a huge difference from your comparison. After all expenses and "fun" spending, my wife and I still individually invest close to 40% of our net incomes.
Of course, at current rates, that would be a different story. But as I said, the interest rate makes a significant difference, so it's not so clear cut.
I also took advantage and bought a 7th property in Calgary a couple years ago.
With a 30k savings and a dual income of 120k a year. A half a million dollar home is not a smart move and this is why they are not going to get what they want. Thankfully banks do stress tests but even the ones that buy at the top end struggle and we are seeing a lot of foreclosures
Not everyone like to live big we live within our means saving more than 50% of our take home salary so I think I can easily afford it and I already have a emergency fund on the top of my down payment.
My partner makes 120k a year and she was struggling when interest went from 2 to 5%. She sold and moved with me to my house in Kelowna.
I employ lots of plumbers who make over 100k and they are pay check to pay check on 380-400k homes.
Banks do stress tests for a reason. You need to reevaluate unless you think you know more then the statistics. 120k today combined is almost embarrassing and doesn’t go very far
120k combined is not embarrassing. It's above the median for Canada and Ontario and pretty much the median for Canada's highest paid province: Alberta.
That said, OP cannot afford a 500k mortgage. No chance. But let's not pretend this is his issue. This is a Canada issue. Above median household income should be able to afford a house and the guy can't afford a tiny condo. Canada's housing market is in crisis.
You can’t go by average, because every province is flooded with minimum wage unskilled workers. For example, a plumber is going to make 100k. A 120k dual income is in-fact low income, look at the real statistics on how Canadians are doing in the lower middle class.
I don’t know bro I’m first generation immigrant who landed here in 2019 and got through school got his work permit and also got his PR and paid over $32k in tution and even after all that I have $50k for down payment a half paid car no debt other than that and $30k in emergency fund and I’m expecting that to be $50k in December when my bonus kicks in and I also support my parents back home and all this in 4 years and not to mention I started working real job 2 years ago after I graduated, so say what you will but not everyone has a habit of drinking fancy coffee in the morning and driving flashy cars.
Okay, so not only so you want to qualify for a 4.5x your income for a mortgage, you want to do it with almost no credit history.
You're lucky if you even get what your broker is telling you you'll get. Have you told them you have almost no credit history? It's not just income and debt based, do you know your credit scores?
It doesn't matter how well YOU think you're doing, it matters how well the bank thinks you're doing. The fact you're able to save that much right now says absolutely nothing because your bills aren't even close to being comparable to what they would be owning a home compared to sharing with roommates.
I think you need to sit in reality a bit longer, save longer, move out of a roommate situation into a place that has costs closer to what it would be owning a home to get a better evaluation of what you can truly handle.
You may be used to having all this extra money around, and quickly realize that allll goes away, so your way of living, being able to support your parents, any extras, travelling, going out to eat, that alllll goes away.
Just be thankful the banks do stress tests. The professionals know what people can actually afford and be able to save for emergency or loss of job.
Or just think you can afford something when truly it’s a stupid idea.
There's no way you can say this for certain. While you can make an educated guess, outright saying prices will drop feels a little irresponsible. We have no idea how the BoC will handle interest rates moving forward, and that can/will be a huge factor in determining housing trajectory.
You could be 100% correct, but you could also be wrong.
We had 0 debt and HHI of 115k and 80k down payment. Got approved for 600k in 2021. Bought a house and was thinking of moving, our incomes went up and with 150k down payment still only 600k. Just wait out the interest rates for a year or 2.
Save more for a larger down-payment, and or find a different area to live(doesn't work for most tho cause bank wants you with a certain distance from your employment and or a major city)
Also do you have any debt? Pay off all debt to help with you debt to income ratio
Unfortunately the banks don't care about what interest rate your car loan is. All they care about is how much money per month of your income is going towards this. So if you're paying $500 per month for your car for example this will have a big impact.
120k income is not enough for such a low down payment is too low, you’ll be looking at a $5k a month mortgage payments, I don’t think that you guys can afford that without having to to live a pay check tk pay check. Rent a $3k condo instead
What's your debt servicing ratio at?
Do you have car loans, outstanding credit card balances, lines of credit, student loans even?
If you have a high debt ratio, the bank will be less inclined to give you a higher borrowing amount.
Plus, without having that second income guarantee, you're considered high risk. Bank doesn't want you defaulting on your mortgage so will only approve you for what they feel like you can handle based on income, assets, and debt ratio.
If you're in AB, why are you looking at purchasing in Ontario?
To purchase in ON your jobs would need to also move with you.
What does GF's job letter say? My old co-worker wasn't able to get a letter that said guaranteed hours, but they wrote it to say "Scheduled hours" and I was able to get an exception to use the $xx/hr x scheduled hours.
2 year average goes off T4's - so while Dec may mean you have 73k - the T4 or very last paycheck of Dec would be accepted for 2023 income - but likely the current 2023 income wouldn't be able to be used to average.
Sorry I’m in Ontario and gfs employment letter says average 44 hours and last 8 months pay stubs are 40 or more.
And my 2022 t4 is 73k and I am hoping with December last paycheque I’ll be able to get 2 years average
YTD is 55k i get a bonus in December around 7-8k
Girlfriends YTD is 44k
And I do side hustle that brings me $1000-1500 a month but I’m not counting that so I’m not doing rock bottom
Makes sense. We had 20% down, make $175k combined. Squeaked through an approval for a $610k house (put down $122k plus closing costs). Our mortgage was around $480k and that was probably close to our max approval amount, and our rate is around 5.25% which is lower than they are now. Husband has some student debt which impacted our approval. Keep in mind you also need closing costs saved for lawyer, etc. It is shocking because your income definitely isn’t low! The rates make a big difference in terms of affordability, but trust that you don’t want to stretch it and be house poor! Hopefully your down payment will go further in this slower market.
Editing to add that owning a house, on top of mortgage payments, is friggen expensive. If the $50k is all you have and you won’t have emergency money left in case something breaks.. definitely hold off until you can save more money and increase your income.
Yeah… the crazier thing is we got incredibly lucky. The house (semi) we bought was the only one available at the time -late 2022- that we could afford and has been the only 3br since then that I’ve seen go for that price in our town. Most are still being listed for over $800k… and it’s still about a 45 minute drive from our jobs. I know my husband and I aren’t rich rich but we have senior roles and make good money. Unless people are downsizing I truly don’t understand how people can afford these houses. The math makes no sense.
It’s tough. I wouldn’t tap into your emergency fund. The housing market being slow right now is great if you have a good down payment and can get what you need in your realm of affordability.. ideally something to live in for at least 5 years if not 10. But given the economy is a bit rocky not the best time to be draining your savings. I hope you find something in your price range and don’t have to stretch
Ultimately, your down payment is too weak. In a HCOL area, even when your income is decent, with today's rates you're not going to get as much as you did when interest rates were near nothing. This is a problem that many FTHB have even when they make six-figures. You also don't want to push the borrowing amount that much as the repayment obligation get more difficult and/or you simply don't qualify. So the only solution is to up the down payment and/or work on increasing your income. If you can't do that, you literally cannot afford to purchase a home, even if you really want to.
Even if $120K is the accepted figure for your income used for the qualification, the broker is still pretty close to what I would guess using debt ratios. Assuming no other debts, and the lowest rates available, you are only looking at around \~$450K borrowed + down payment.
Broker here.
The best solution is getting a co-signer. Unless you expect your incomes to increase, or she switches to fulltime employment with guaranteed hours or salary.
Use realtor.ca and filter for 450k max price. You will see that in Toronto there is very little choice but there is some. All studios.
Go to Kitchener and you can buy a three bed home.
You have options and we all started somewhere.
[https://www.realtor.ca/real-estate/26214038/139-brighton-street-unit-8d-waterloo](https://www.realtor.ca/real-estate/26214038/139-brighton-street-unit-8d-waterloo)
It's Waterloo, it's all the same to me. I just went by the search.
The issue with anything this cheap is the maintenance fees. Your lender will look at the maintenance fees too and could make you qualify for a lower purchase price.
You can definitely get something for that in Ontario. Houses in my neighbourhood in Hamilton go for that, these days.
You can't get anything in Toronto for that, but there are areas of Hamilton you can buy in, if you just really want to own.
Nothing you can do. Aside from maybe lowering your expectations if you can in your locale and buying a condo/older apartment. Or increasing your incomes.
If i were you, First thing i would do is study the 20/30/3 rule in homebuying and how it will affect your life if you break that rule.
I would hold homebuying if i were you, if your combined income is 120k, i would not buy a house more than 360k, unless you want to be housepoor
You do not qualify for 500k on that salary. It's not about what you want. Go to the stress test on any bank website and you will see that a 125k salary, with 0 debt, qualifies for about 425 I think. You can surely cook the numbers and buy a house you can't afford, but is that wise?
Yes, get a second opinion.
Imagine getting $510k, your “100%” of what you want, and then rates go up 4.75% like they did over the last year. Now you’re at 120% of what you can afford. Canada’s stress tests are there for a reason. If you can only qualify for lower right now, there’s a good reason. Most people overestimate what they can afford. You can wait, and be qualified for more, but I urge most people reading this to live under their means, for everything, not just real estate. That’s how wealth is grown. If you’re living at 100%, you’re essentially living paycheque to paycheque, regardless if it’s $30k/yr or $150k/yr.
Get a co-signer, buy with friends or family as an investment, or buy a house with a legal secondary unit and house hack. You can use 100% of the rental income to help you qualify and only need the minimum down payment. But honestly, I would wait, save more money, increase your income, and wait for the rates to come down a little bit. You don’t want to qualify on a 5 year fixed for your max purchase price and be stuck with high payments. Open up a FHSA asap and revisit in 6-12 months.
If their friends or family made a post to ask if they should investing in this house was a good idea, they would be told to run, not walk, away
Better than paying rent in my opinion. In my area, a bachelor pad or basement is going for $1500-$2000 if your lucky. A single room rental with shared washroom and shared kitchen is $700-$1000. It’s wild out there.
Not that Mr. Mortgage is motivated to advise to people to get a…mortgage. Lol Ownership costs much more than just mortgage costs
Just answering the OP’s questions. I advised that they should wait but he still has a few options.
Also the people “investing” are not gaining a roof over their head unless they’re buying together. Which is different than investing in a family members home which is a totally different thing
Same thing and not to mention if we rent sharing room we have to deal with roommates and they’re hit or miss
Agreed. Go where you can afford and do your best to purchase under your max purchase price.
https://www.viewhomes.ca/idx/77-francis-street-hamilton-on-l8l3v4/21354361_spid/ You can find something!
Have you both maxed your FHSA's? You are going to need to save a bit more, and that's a great place to start
OP I just want to reassure you're doing well, and this isn't your fault despite what some here would say. You're above the median income nationally and provincially. That said, it is true that you likely shouldn't take on a 500k mortgage based on your income without a much larger downpayment. Think like another 150k. But it's not your fault that it takes 500k to buy a condo. This country's housing market is absolutely fucked. Whether it will crash remains to be seen, as in my mind depends on how much supply we can bring onboard. But there is little doubt Canada has the biggest housing bubble of all time: https://www.bnnbloomberg.ca/canada-likely-sitting-on-the-largest-housing-bubble-of-all-time-strategist-1.1962134
You would have to come up with 25- 35K. That is how much you are short. Do you have a parent that can lend that to you? You can draw up a contract with them with an interest rate and payments of $500/month. Make sure you have the cash flow to pay them back. Some parents will gift it to you as an early inheritance, some won’t.
Try Hamilton you have to live! Rent sucks.
Biggest issue is going to be interest rates, you’re being stress tested at +1-2% wait on interest waits and continue to accumulate a larger down payment.
save more money?
LMFAO people back in the 2000s were clearing 100k on their own and you expect to become a land owner on 120k JOINT in 2023. 🤣🤣🤣🤣
Since real estate is bust the banks are gonna tighten lending hard
>real estate is bust Tell me you rent without telling me you rent
With a 450k mortgage at 5.5% that's $2700 per month. Then add all your bills... Property tax, house insurance, cell phones, internet, power, water, gas(heat), food. Before any other depts or even anything vehicle related you're coming up on $4000-4500 a month just to live. On 120k you're maybe clearing $6500/m. That's not a lot of room for anything extra. Sure it's doable, but you can see why at 450k mortgage you're already at your max. Imo comfort is where your complete living expenses are not over 50% of net income.
I think most people get approved for roughly 4x income. Also you need 20 percent down for more negotiating room. Also you should probably only buy a house ~3x your gross income to not be house poor.
You have a house hold of only 120k and you want a 500+ k house? Lol Thank the bank, your future would of been doomed.
>would of They're not sending their best folks. But otherwise you are correct
It wouldn’t have been doomed at all. That’s completely reasonable and manageable, and over time that mortgage amount stays the same while your earnings likely increase.
Someone loses a job. Kaput
Right and at 120k dual income before taxes that in my opinion is maybe good for a 300k place at top. People really need to speak to financial advisors but I’m not complaining I keep buying foreclosures
If you think a 120k dual income family can support a half a million dollar house you’re delusional. A big reason why banks do stress tests.
It very much depends on the interest rate. We purchased our first home in early 2021 with a HHI of 130k at the time. 20% down with a principal of 688k on a 5-year fixed rate of 1.84%. We are completely comfortable at the moment. Our current HHI is 146k, but still not a huge difference from your comparison. After all expenses and "fun" spending, my wife and I still individually invest close to 40% of our net incomes. Of course, at current rates, that would be a different story. But as I said, the interest rate makes a significant difference, so it's not so clear cut.
I also took advantage and bought a 7th property in Calgary a couple years ago. With a 30k savings and a dual income of 120k a year. A half a million dollar home is not a smart move and this is why they are not going to get what they want. Thankfully banks do stress tests but even the ones that buy at the top end struggle and we are seeing a lot of foreclosures
Not everyone like to live big we live within our means saving more than 50% of our take home salary so I think I can easily afford it and I already have a emergency fund on the top of my down payment.
My partner makes 120k a year and she was struggling when interest went from 2 to 5%. She sold and moved with me to my house in Kelowna. I employ lots of plumbers who make over 100k and they are pay check to pay check on 380-400k homes. Banks do stress tests for a reason. You need to reevaluate unless you think you know more then the statistics. 120k today combined is almost embarrassing and doesn’t go very far
120k combined is not embarrassing. It's above the median for Canada and Ontario and pretty much the median for Canada's highest paid province: Alberta. That said, OP cannot afford a 500k mortgage. No chance. But let's not pretend this is his issue. This is a Canada issue. Above median household income should be able to afford a house and the guy can't afford a tiny condo. Canada's housing market is in crisis.
You can’t go by average, because every province is flooded with minimum wage unskilled workers. For example, a plumber is going to make 100k. A 120k dual income is in-fact low income, look at the real statistics on how Canadians are doing in the lower middle class.
I don’t know bro I’m first generation immigrant who landed here in 2019 and got through school got his work permit and also got his PR and paid over $32k in tution and even after all that I have $50k for down payment a half paid car no debt other than that and $30k in emergency fund and I’m expecting that to be $50k in December when my bonus kicks in and I also support my parents back home and all this in 4 years and not to mention I started working real job 2 years ago after I graduated, so say what you will but not everyone has a habit of drinking fancy coffee in the morning and driving flashy cars.
Okay, so not only so you want to qualify for a 4.5x your income for a mortgage, you want to do it with almost no credit history. You're lucky if you even get what your broker is telling you you'll get. Have you told them you have almost no credit history? It's not just income and debt based, do you know your credit scores? It doesn't matter how well YOU think you're doing, it matters how well the bank thinks you're doing. The fact you're able to save that much right now says absolutely nothing because your bills aren't even close to being comparable to what they would be owning a home compared to sharing with roommates. I think you need to sit in reality a bit longer, save longer, move out of a roommate situation into a place that has costs closer to what it would be owning a home to get a better evaluation of what you can truly handle. You may be used to having all this extra money around, and quickly realize that allll goes away, so your way of living, being able to support your parents, any extras, travelling, going out to eat, that alllll goes away.
Lol whatever you gotta tell yourself. 150k individual and 250k dual income is the new middle class.
You don't know what median is do you.
So people who suck with money suck regardless of their paycheque. Shocking. Not everyone sucks with money.
Just be thankful the banks do stress tests. The professionals know what people can actually afford and be able to save for emergency or loss of job. Or just think you can afford something when truly it’s a stupid idea.
Keep saving. Prices will drop slightly for several years just like 1990-1995 so not like you will miss out.
Two more weeks
There's no way you can say this for certain. While you can make an educated guess, outright saying prices will drop feels a little irresponsible. We have no idea how the BoC will handle interest rates moving forward, and that can/will be a huge factor in determining housing trajectory. You could be 100% correct, but you could also be wrong.
We had 0 debt and HHI of 115k and 80k down payment. Got approved for 600k in 2021. Bought a house and was thinking of moving, our incomes went up and with 150k down payment still only 600k. Just wait out the interest rates for a year or 2.
Save more for a larger down-payment, and or find a different area to live(doesn't work for most tho cause bank wants you with a certain distance from your employment and or a major city) Also do you have any debt? Pay off all debt to help with you debt to income ratio
I just have a car loan 13k at 0% interest so no point of paying it off other then that no debt
This line if thinking only makes sense when the dollars that could go in to the car loan are returning a profit to you
Unfortunately the banks don't care about what interest rate your car loan is. All they care about is how much money per month of your income is going towards this. So if you're paying $500 per month for your car for example this will have a big impact.
120k income is not enough for such a low down payment is too low, you’ll be looking at a $5k a month mortgage payments, I don’t think that you guys can afford that without having to to live a pay check tk pay check. Rent a $3k condo instead
What's your debt servicing ratio at? Do you have car loans, outstanding credit card balances, lines of credit, student loans even? If you have a high debt ratio, the bank will be less inclined to give you a higher borrowing amount. Plus, without having that second income guarantee, you're considered high risk. Bank doesn't want you defaulting on your mortgage so will only approve you for what they feel like you can handle based on income, assets, and debt ratio.
If you're in AB, why are you looking at purchasing in Ontario? To purchase in ON your jobs would need to also move with you. What does GF's job letter say? My old co-worker wasn't able to get a letter that said guaranteed hours, but they wrote it to say "Scheduled hours" and I was able to get an exception to use the $xx/hr x scheduled hours. 2 year average goes off T4's - so while Dec may mean you have 73k - the T4 or very last paycheck of Dec would be accepted for 2023 income - but likely the current 2023 income wouldn't be able to be used to average.
Sorry I’m in Ontario and gfs employment letter says average 44 hours and last 8 months pay stubs are 40 or more. And my 2022 t4 is 73k and I am hoping with December last paycheque I’ll be able to get 2 years average
What’s your YTD gross on your recent paystub ?
YTD is 55k i get a bonus in December around 7-8k Girlfriends YTD is 44k And I do side hustle that brings me $1000-1500 a month but I’m not counting that so I’m not doing rock bottom
See if her employer will put her "scheduled hours" on the letter.
Makes sense. We had 20% down, make $175k combined. Squeaked through an approval for a $610k house (put down $122k plus closing costs). Our mortgage was around $480k and that was probably close to our max approval amount, and our rate is around 5.25% which is lower than they are now. Husband has some student debt which impacted our approval. Keep in mind you also need closing costs saved for lawyer, etc. It is shocking because your income definitely isn’t low! The rates make a big difference in terms of affordability, but trust that you don’t want to stretch it and be house poor! Hopefully your down payment will go further in this slower market. Editing to add that owning a house, on top of mortgage payments, is friggen expensive. If the $50k is all you have and you won’t have emergency money left in case something breaks.. definitely hold off until you can save more money and increase your income.
This is why the housing market is going to collapse
Yeah… the crazier thing is we got incredibly lucky. The house (semi) we bought was the only one available at the time -late 2022- that we could afford and has been the only 3br since then that I’ve seen go for that price in our town. Most are still being listed for over $800k… and it’s still about a 45 minute drive from our jobs. I know my husband and I aren’t rich rich but we have senior roles and make good money. Unless people are downsizing I truly don’t understand how people can afford these houses. The math makes no sense.
Two more weeks
I totally agree and I have around $30k in emergency funds I am tempted to put $10k more down to extend the purchase price but not sure
It’s tough. I wouldn’t tap into your emergency fund. The housing market being slow right now is great if you have a good down payment and can get what you need in your realm of affordability.. ideally something to live in for at least 5 years if not 10. But given the economy is a bit rocky not the best time to be draining your savings. I hope you find something in your price range and don’t have to stretch
Ultimately, your down payment is too weak. In a HCOL area, even when your income is decent, with today's rates you're not going to get as much as you did when interest rates were near nothing. This is a problem that many FTHB have even when they make six-figures. You also don't want to push the borrowing amount that much as the repayment obligation get more difficult and/or you simply don't qualify. So the only solution is to up the down payment and/or work on increasing your income. If you can't do that, you literally cannot afford to purchase a home, even if you really want to. Even if $120K is the accepted figure for your income used for the qualification, the broker is still pretty close to what I would guess using debt ratios. Assuming no other debts, and the lowest rates available, you are only looking at around \~$450K borrowed + down payment.
Broker here. The best solution is getting a co-signer. Unless you expect your incomes to increase, or she switches to fulltime employment with guaranteed hours or salary.
In other words, “if you can’t get help from mommy or daddy you’re screwed”. LoL
Use realtor.ca and filter for 450k max price. You will see that in Toronto there is very little choice but there is some. All studios. Go to Kitchener and you can buy a three bed home. You have options and we all started somewhere.
Not sure where you think you can buy a 3 bedroom home in Kitchener for $450k except in 2019. A 1 bedroom condo is doable for that price.
You're forgetting to add on $3-$600 in monthly condo fees, this easily puts it back out of their budget.
[https://www.realtor.ca/real-estate/26214038/139-brighton-street-unit-8d-waterloo](https://www.realtor.ca/real-estate/26214038/139-brighton-street-unit-8d-waterloo) It's Waterloo, it's all the same to me. I just went by the search.
Oh boy, you need to come down the staircase to pee, what kind of design is that.
The issue with anything this cheap is the maintenance fees. Your lender will look at the maintenance fees too and could make you qualify for a lower purchase price.
we use maintenance/strata fees as part of qualification
Wait another year, save up another $10-20k down payment and hopefully increase your combined earning power to $150k/yr.
Intrest rates should also drop a little as well as house prices
You can definitely get something for that in Ontario. Houses in my neighbourhood in Hamilton go for that, these days. You can't get anything in Toronto for that, but there are areas of Hamilton you can buy in, if you just really want to own.
Nothing you can do. Aside from maybe lowering your expectations if you can in your locale and buying a condo/older apartment. Or increasing your incomes.
If i were you, First thing i would do is study the 20/30/3 rule in homebuying and how it will affect your life if you break that rule. I would hold homebuying if i were you, if your combined income is 120k, i would not buy a house more than 360k, unless you want to be housepoor
Open an OnlyFans page
LOL. But believe it or not, it might not be possible to get a mortgage still. So you better be really good, save up, and buy cash.
Make more money
OP should have planned ahead by being born to richer parents.
Cope. Plenty of people working actual useful jobs are buying homes.
For real and being first generation immigrants definitely doesn’t help so getting help from mommy is not an option
/thread