Planning to Buy, Does it make sense
Hi everyone, my spouse and I moved here four plus years ago and are considering buying sometime in Q1 2027. A peek into our circumstances:
I currently make a little over a 100k, while my spouse makes around $ 30k (taxable income based on tax) from freelance/gig work. (I know, ideally, we should wait until they find a permanent job, but the job market has been quite unkind to them despite their qualifications, though they are still applying and we are hoping for the best).
We currently rent at 2600 monthly, but our landlord has increased our rent by at least 250 annually in the last two years, and we suspect he'll do the same next year. (Home doesn't qualify for rent control)
We have about 70k in savings plus an additional 30k in RRSP. Haven't done much saving in 2025 because we had a baby and took parental leave, resulting in a significant income reduction.Outside of parental leave, monthly take-home for us usually comes to around 9k-ish. Our only debt is our monthly car payment of about 500 monthly.
With the new home rebate, buying a new place looks appealing, especially when we consider that our rent is likely to increase again next year. We love our neighborhood and have built a fairly decent village for ourselves here, plus our older kid is thriving in school and we found daycare in the neighborhood for our little one as well.
We know rent is the maximum you'll pay, and mortgage is the minimum, but the numbers look good for us when we run them. Also, seeing how much prices have dropped in the last two years makes it feel like now is the time to lock in, who knows how soon before prices go crazy again.
Curious to read thoughts, advice etc.