Can I afford a million dollar home?
$1 million used to be enough money to set you up for life, but those days are long gone.
In this Knowledge Bank episode, we take a look at the factors that\u2019ll determine if you can afford the average mortgage on a 1 million dollar home.
We cover what a million dollars looks like in today's economy and what your down payment needs to be. We go over why CMHC won't help you and discuss your debt service ratios - both gross debt service ratio and total debt service ratio (don't worry, they'll all make sense) and ultimately - whether or not you should max out your affordability.\xa0
Can you afford a million-dollar home? Let's find out.\xa0
You can find the blog here: https://www.ratehub.ca/blog/can-i-afford-a-million-dollar-home/