How can you know if you are financially ready to become a homeowner?
This step guides you through some simple calculations to figure out your current financial situation, and the maximum home price that you should consider.
How Much are You Spending Now?
Calculate Your Household Expenses
Start figuring out your financial readiness by evaluating your present householdbudget. How much are you spending each month? Knowing exactly how much, will give you a better idea about whether you can afford to become a homeowner.
The Current Household Budget worksheet helps you take a realistic look at your current monthly expenses.
Or, you may also use the CMHC Household Budget Calculator to complete your current household budget now.
source; Canada Market & Housing Corporation