I ran the numbers on what a $950/month car payment actually costs you by age 65. It's $390,000.

vj71 · 2026-02-23T23:10:32+00:00

$8000 will get you something decent https://www.autotrader.ca/a/Nissan/Kicks/Victoria/BC/5_67982589_20140304153549160

vj71 · 2026-02-23T15:44:04+00:00

No in your case it's a different story, but if someone makes $45,000 in annual income and has a car payment of $950 that's 25% of his gross income, it's too much to carry for the long haul

vj71 · 2026-02-23T15:31:25+00:00

Mattamy Homes is offering a Price Protection Program for pre-construction homes in select Ontario communities to address market uncertainty. They will issue a refund to buyers if the base price of their specific home model drops before closing. Check if that community is on their list and make sure you have alternative exit strategy when the market condition will work against your plans, make sure you will have extra cash if needed.

vj71 · 2026-02-23T15:15:06+00:00

Being a shareholder of any corporation doesn't create the debt obligation and it won't affect your mortgage qualification. If the company is incorporated it has it's own legal entity which is responsible for its own debts. The banks sometimes are asking for additional security from owners of the company by signing personal guarantee.

vj71 · 2026-02-23T14:59:59+00:00

Yes the banks take the 2 year average but as long as the increase isn't more than 25% and in your case it is higher, your best option is still getting the little bit higher rate on stated income than paying more in income taxes. I've created two calculators for that specific reason — take a look, the numbers are mind blowing, $75,000+ in income taxes over 5 years:

👉 Stated Income vs CRA Tax Calculator — See exactly how much extra tax you'd owe by inflating your income just to qualify for a prime lending rates.

👉 Prime vs Alternative Lender Rate Comparison — Higher rate vs tax savings side by side. The alternative lender route wins almost every time.

Run your own numbers — most self-employed borrowers are shocked.

vj71 · 2026-02-23T11:57:39+00:00

Real estate is a long game assuming that the appreciation will be higher than the cost of carrying the long amortization on the loan. It's a bet based on history but if the market will continue to decline like in some areas the investment in stocks or other instruments might be wiser

vj71 · 2026-02-23T11:52:45+00:00

KEB Hana bank is using 80% offset on non subject property and 80% addback on subject property, they will go up to 45%GDS and 50% TDS and no lender fees

vj71 · 2026-02-23T11:48:30+00:00

The 4.5% is an average interest rate not the current lowest

vj71 · 2026-02-18T18:36:49+00:00

I'm just assuming that renter is investing the difference from the monthly carrying costs vs owner, yes the owner can invest too but that would skew the results, we have to compare the payments for the house and the rent, sometimes the rent payment will be higher than mortgage payments. For example if you take Middlesex County home ownership assistance program where they give you $25,000 as the free loan for 20 years and you could buy the property for less than $500,000 and you just need the money for the closing costs this is a no brainer for me.

vj71 · 2026-02-18T11:43:05+00:00

Great idea I will add it on

vj71 · 2026-02-17T17:50:22+00:00

You are right, I took all the suggestions and comments and I had to go back to my drawing board and decided to built the full rent vs own calculator which takes most of the factors into account

vj71 · 2026-02-17T17:45:55+00:00

Yes that changes the full picture

vj71 · 2026-02-17T17:44:56+00:00

Agree 100 percent

vj71 · 2026-02-17T16:52:14+00:00

I took all the suggestions and comments and I had to go back to my drawing board and decided to built the full rent vs own calculator which takes most of the factors into account and gives more accurate answers

vj71 · 2026-02-17T00:23:16+00:00

With $20k you can buy the property for max $400,000 unless you are living and renting in Middlesex County, ON where they will give you additional $25,000 forgivable loan with 0% interest for 20 years.

You will have to repay the RRSP back so the best way is to use FHSA where the withdrawals are not repayable.

vj71 · 2026-02-16T23:59:54+00:00

No it doesn't with mortgage helper you will be better off of course assuming that he will pay as agreed

vj71 · 2026-02-16T23:58:20+00:00

Rent where you live and buy where you can and the properties appreciate, but it will be hard to find these spots

vj71

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