Nearly a quarter of Canadians are house-poor or house slave
Be realistic about what you can afford
According to Statistics Canada, nearly a quarter of Canadians can be considered “house-poor.”
The Canada Mortgage and Housing Corporation (CMHC) defines this as spending 30 per cent or more of household income on housing costs.
When determining the mortgage you can afford, make sure you consider unexpected expenses and regular home maintenance costs. Even if you buy a new home, you will need to plan for major expenses in the future.