Buy the home you need now. Think about the next five years instead of the next 10 or 20. A bigger house might not make sense with your financial plan.
Don’t go over budget. Canada’s mortgage stress test is there for a reason. Leave some wiggle room in case interest rates or other monthly costs rise.
Know what’s worth spending money on. Focus on what needs attention. Neglecting your roof could cost you more in the long run. Push out more cosmetic updates until you’ve fixed the big items.
If you find you can’t afford necessities like medication, it’s time to re-evaluate. Consider downsizing. Look into moving into a more affordable neighborhood.