Being a homeowner may seem like a wonderful experience, but it is not necessarily the best choice for everyone. One must make sure to evaluate the cost before purchasing a real estate. As per the Canada Mortgage and Housing Corporation (CMHC) your monthly household expenses (mortgage, property taxes, and utilities) should not exceed 39% of your total monthly income (before deductions). Further, your total monthly debt (mortgage, loan or credit card payments) should not exceed 44% of your gross monthly income.
The Government of Canada offers various incentives for homebuyers under its home buying programs. It’s important to know that when you purchase a home, you must pay for upfront charges such as home inspector’s charges, legal fees, property tax charges, and title insurance are a few examples, in addition to your mortgage. You can expect these charges to be between 1.5% and 4% of the home’s purchase price.
With our professional guidance and knowledge, you can avoid all the confusion and hassle in buying your home.