homeownership - planning for the long-term

home buying budget suggestions

It is important to purchase house, townhouse or condo that is comfortably within your financial means. There are some good general guidelines to ensure that you can sustainably own a home over the long-term. Owning a home is a worthwhile goal, but not at the expense of your overall financial well-being.

Purchasing a home in Metro Vancouver and the Fraser Valley housing markets is a very expensive proposition. Many properties are routinely priced over a million dollars. For new first-time homebuyers in particular, the stakes can be very high with respect to one's financial well-being. That is why it is important to carefully review and consider your overall financial picture, before beginning out on your homebuying journey. 

It is important to have financial discipline when buying a house, townhouse or condo in Metro Vancouver and the Fraser Valley. The costs of over reaching to buy a home can be very damaging if little to no financial buffer is provided for.  Having some financial flexibility, after homeownership acquisition and carrying costs are calculated, will allow you to be a lot less stressed about your financial situation, over the long-term.  This is important to your overall health and well-being as money is often a leading cause of stress.

Below, I've created an infographic to help you consider important budgeting aspects of purchasing and owning a home. It is important to take an honest assessment of your level of earnings (income) and typical routine expenses. I've also included a mortgage calculator on this page to help you get some idea of possible mortgage payment amounts.  

When you are ready, connect with a mortgage professional to get a more detailed assessment of your financing qualification amounts. This will help establish a budget around the purchase price of a home.

Mortgage Calculator

This calculator is for information purposes only. Users should not use this calculator to make any financial decisions and should speak with their bank or mortgage broker. The website owner does not guarantee the accuracy or reliability of any information or calculations provided by this calculator. The website owner is not liable for loss or damage of any kind arising from the use of this tool.
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.