How Much Mortgage Can I Get With a $60,000 Salary in Canada?
How Much Mortgage Can I Get With a $60,000 Salary in Canada? If you’re earning $60,000 a year and dreaming of owning a home, you might be thinking: “Am I buying a mansion or a modest igloo?” Let’s break it down in plain (and slightly funny) English. Your mortgage eligibility depends on income, debts, credit score, and interest rates . With a $60k annual salary, Canadian banks typically allow you to borrow roughly 3–4 times your gross income . Translation: about $180,000–$240,000 , depending on your debt situation. That’s probably enough for a cute starter home—not the castle in your dreams, unless it’s made of LEGO. Banks also look at your debt-to-income ratio (DTI) . If you’re maxed out on credit cards buying avocado toast, you might get less. Keep that DTI low, and banks will smile. Pro Tip: Boost your credit score, stash a down payment, and pay off extra debt—this is like showing the bank you’re an adult who sometimes even folds laundry. Remember, pre-approvals don’t cost you a...