Hi everyone,

I am planning to buy a house in Calgary, which ranges between 300-350k. I am not sure how it works on the process, hope everyone can give me some ideas and advice. With this housing crisis, sky rocketing rents, I really look for a place to be comfortable myself and plan for the future.

Talking about my background, I am single, 24 years old, currently working with an annual income of $45k/year, I am applying a 2nd part time job to help increasing it, probably $55k if working double jobs. I don't have much on my savings account, TFSA, etc., therefore, there is an amount $50k from my parent's support, the maximum amount they can support me is $70k. I have consulted friends/relatives and they advised that the amount I can borrow from the bank, with my current $45k income, is around $150k - $170k. The question is any way that I can increase the loan I can get from the bank? My credit score, as reported by Equifax, is 762. I am single and I do not want to get a partner to aid in house buying, not for now.

Is it a good idea to buy a condo? As research condo is around 200k-250k, but people say it is not a good option, as the condo fees, parking lot fee, maintenance could be the double mortgage? For example: $500 condo fee, $50 parking and $1300 mortgage = round up to $2000/month.

Please correct anything if I am wrong, and hope to get your experiences/opinions. If anyone has the same case as mine, it will be a great advice.

Thank you all!

#calgary #house #mortgage #downpayment