How Much Can I Afford


How Much Home Can I Afford?

ON A FAMILY
INCOME OF:
YOU COULD AFFORD
A HOUSE UP TO:
AND YOUR DOWNPAYMENT
WOULD BE:
$50,000 $125,000 $6,250*
$55,000 $137,000 $6,875*
$60,000 $150,000 $7,500*
$65,000 $162,000 $8,125*
$70,000 $175,000 $8,750*
$80,000 $200,000 $22,000**
$90,000 $225,000 $27,000**
$100,000 $250,000 $32,000**
 

 

Based on CMHC insured 95% financing
Based on CMHC insured 90% financing of first $180,000 and 80% on everything thereafter.

This chart utilizes standard debt to income ratios used by many financial institutions but is intended only as a guide. Please consult your lender for the actual size of mortgage you may qualify for.

WHAT IF YOU DON’T HAVE ENOUGH SAVED FOR THE DEPOSIT?

There are government sponsored programs that may be able to help.

  1. RRSP Home Buyers Plan
    If it is your first home purchase, the Plan allows you to withdraw up to $20,000 from your RRSPs to buy or build a home.

  2. Nova Scotia Home Ownership Savings Plan
    You can receive a refundable income tax deduction for saving toward the purchase of a first home.

For further information, please contact me at (902) 233-6100 or via email at homes@wendymacmillan.ca.