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Cecil Terwilliger · 04-26-2016, 11:58 AM

I think the real question is can you afford it? I know that's not what you want to hear but let me explain.

I have absolutely no idea what percentage of my mortgage is of my total income. What I do know is that when I do a budget including my mortgage, prop tax, condo fees, home and auto insurance, tv/internet/phone, gas, grocery, savings (RSP/TFSA/non-reg) and utilities, I have enough left over to live.

I could give you a percentage, but I don't think it would be relevant. Maybe you need 50% income as discretionary and I only need 20% because I'm a hermit.

Heck, who was that poster that said he saves something like 70 or 80% of his income? Anyone remember that guy? Wasn't that long ago.

Also, if you've never owned a home proper (not a condo), I'd make sure to budget properly for upgrades and expenses that you're used to having your condo fees cover.

Oh and just my 2 cents but if you can afford 15% down payment, I'd find a way to get the extra 5% and go conventional at 20% down. Avoids the high ratio premium.

04-26-2016, 11:58 AM	#5
Cecil Terwilliger That Crazy Guy at the Bus Stop Join Date: Jun 2010 Location: Springfield Penitentiary Exp:	I think the real question is can you afford it? I know that's not what you want to hear but let me explain. I have absolutely no idea what percentage of my mortgage is of my total income. What I do know is that when I do a budget including my mortgage, prop tax, condo fees, home and auto insurance, tv/internet/phone, gas, grocery, savings (RSP/TFSA/non-reg) and utilities, I have enough left over to live. I could give you a percentage, but I don't think it would be relevant. Maybe you need 50% income as discretionary and I only need 20% because I'm a hermit. Heck, who was that poster that said he saves something like 70 or 80% of his income? Anyone remember that guy? Wasn't that long ago. Also, if you've never owned a home proper (not a condo), I'd make sure to budget properly for upgrades and expenses that you're used to having your condo fees cover. Oh and just my 2 cents but if you can afford 15% down payment, I'd find a way to get the extra 5% and go conventional at 20% down. Avoids the high ratio premium.