Should they buy a bigger house?

Here’s a case study from the Financial Post about a young couple with a young child looking to move out of their condo and into a house with a yard.  They have a good combined income of $118k per year.  Debt load is low.  They own a condo and have a small mortgage.

In the end, they will need a $300k mortgage. Can they afford to buy a larger home today?   The experts say yes… and I agree based on the data provided.

One more thing that isn’t mentioned but I wanted to point out… affordability.. given interest rates are at record lows, their mortgage payments would be lower than ever… Cashflow is always important and must be considered.

Your best interest is my only interest.

As always, I welcome your comments, calls and questions.

Steve Garganis 416 224 0114 steve@mortgagenow.ca

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