What banks are going to lend 900K to a couple with combined income of 100K?Like I said before, carry on with the excuses and pay an investor's mortgage with your rent -- or -- make a plan and get into the game, your choice.
If you're an average Toronto income earner, put away 15% of your gross income into an RSP ($8600) AND all of your tax refund ($2900). In 3 years you should have $35K. If your partner does same, $70K between you. Unless you have scortched credit, any bank will lend you almost $900K. To be reasonable, an entry level home at $700K with a $650K mortgage is a no brainer, mortgage payments under $3K/mo.
Thats a $4300 monthly payment. Add in property tax, utilities, CMHC, maintenance etc and thats a $6000 a month cost, $72000 a year. That's 90% of their after tax income. No bank will allow that debt ratio.
Even if the mortgage was $650K, thats still 65% of their after tax income all said and done.