Many Canadians dream of owning their own home but might think it’s out of reach for them. However, the reality is that many people can afford a mortgage, and oftentimes, a mortgage payment may even be lower than a rent payment.
Once you’ve saved your down payment, you should start investigating how much mortgage you can afford to take on in Canada. The number might surprise you. Let’s take a deeper look at how financial institutions evaluate the amount of money you can borrow for a house.
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