Having a first baby soon - am I crazy?
Hi, I’m 33 and my wife is 27 and we are having a baby this year.
Our down payment is 180k and we are hoping to buy a 700k townhouse. Mortgage will be $520,000. Our salary income is 130k before tax.
We don’t have any debt but if my wife gives a birth and is on mat leave, our income will be my single income ($3600 after tax)+ EI($1300 bi-weekly)+ CCB($4-500 per month).
We are in vancouver island and I’m in an education sector and my wife is an ECE so it wouldn’t be hard for us to find a cheap daycare.
When I calculate the mortgage pay and housing, including strata, we will pay $3600 per month which will be around more than 50%.
I’m not sure if we can live with around $3000. I also have $25,000 emergency fund though.
Should I save more downpayment or buy a cheaper housing like a condo apartment or just go for it?
Thank you for your insight in advance.
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Thank you all for your sincere and reasonable comments. After reading over 100 comments, I decided not to buy any housing for now but decided to move to 2bdr rent for the next 3 years at least.
We will try to save a bit more to add to our down payment and focus on our baby, not money!
Hopefully housing price may get even better than now.
I really didn’t think that mixing parenting with housing stress will be a huge challenge.
Thank you everyone again.