🔹 Step 2 — Are You Financially Ready?

Before shopping for homes, you need to understand what you can comfortably afford.

Key Financial Benchmarks

1️⃣ Down Payment

• Minimum 5% (Canada)

• 20% avoids CMHC insurance

2️⃣ Gross Debt Service (GDS)
Housing costs should not exceed ~39% of gross income.

3️⃣ Total Debt Service (TDS)
All debts combined should not exceed ~44% of gross income.

4️⃣ Mortgage Pre-Approval
Getting pre-approved:

• Confirms your budget

• Locks in a rate

• Strengthens your offer

We strongly recommend securing pre-approval before starting your search.