Amrish Prasher Real Estate

You need to be prepared for both the purchase and the ongoing expenses of a home. According to Canada Mortgage and Housing Corporation (CMHC), your monthly housing costs should not be more than about 35% of your gross monthly income. This includes costs such as mortgage payments and utilities. Your entire monthly debt load should not be more than 42% of your gross monthly income. This includes your mortgage payments and all your other debts.

You have a number of options when purchasing a residential property: a traditional single-family home, a duplex, a townhouse, a condominium, a co-operative, or a multifamily building with two to four units. Each option has its pros and cons, depending on your homeownership goals, so you need to decide which type of property will help you reach those goals.

Most people need to borrow money to buy a home. You also need to put some of your own money into the purchase. A mortgage is likely the biggest loan you get in your lifetime. Mortgages have different features to meet different needs. It’s important that you understand the options and features. The Government of Canada also offers two tax credits for specific types of homebuyers.