House application

There are two important considerations when you are trying to get approved for a mortgage.

The first is that your mortgage payment must not be more than a third of your total household expenses (I think, 30-32%). And nowadays the banks are extremely strict about that - so it doesnt matter whether you make 70,000 a year or 200,000 a year, the mortgage has to be kept under a third of the total expenses.

The second thing is your total debt service. In Canada it cannot exceed 40% of your total gross monthly income. Your total debts would be all your credit card payments, car loans or any other type of loans.

That’s not the only criteria. The more money you have as a downpayment, the easier it is to qualify. The longer you have worked at a steady job, the easier it is. Your credit rating has to exist - in other words you have to show that you have borrowed money before, and paid it back on time.

When you’re trying to calculate, don’t forget about property taxes and home insurance… and try to get a good idea of what your utility bills will be (heat, electricity, water, trash).

Good luck!