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Originally Posted by Eagle Eye
That only works if you can afford it!
I agree that if he can find a place that he can afford buy it, but he says that he has an approval for a $200,000 mortgage. He has $30000 as a downpayment ($18k in RRSP and $12 K in cash). It is very tough to find a place for $230,000 (espically close to downtown)
Maybe look at some condos/townhouses in the burbs close to LRT so that you can get in the market
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I meant buy something you can afford even if it not what you really want. There are still homes in the new market you can get built for around $200,000 depending on the area. I live in Cranston (aross from McKenzie Lake) and there are starter homes in that price range and duplexs for less. This is a good area with great upside. I was involved in the new home industry at the time and know the quality here is above the standard starter home. Buy what you can afford and then add a garage, fence, grass as you can and watch the price go up.