Mortgage affordability has been a hot topic in Canada. The real estate market has skyrocketed in recent years. Prices have been easing slightly recently, but affording a mortgage is still a very difficult task for many Canadians.
How much of a mortgage can you afford? To determine this, I suggest going straight to the source: the Canada Mortgage and Housing Corporation (CMHC).
The CMHC is the Crown corporation that is Canada’s national housing agency, so there is no better source for this information. There are a few ways to determine how much mortgage you can afford. Let’s start with the more straightforward method.
The easy method: Use the CMHC calculators
This is the best way to figure out how much of a mortgage you can afford, as CMHC is the official source and will have the most up-to-date information.
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Step 1: If you don’t already know your…
