Can I afford a million dollar home?

$1 million used to be enough money to set you up for life, but those days are long gone. In this Knowledge Bank episode, we take a look at the factors that’ll determine if you can afford the average mortgage on a 1 million dollar home. We cover what a million dollars looks like in today's economy and what your down payment needs to be. We go over why CMHC won't help you and discuss your debt service ratios - both gross debt service ratio and total debt service ratio (don't worry, they'll all make sense) and ultimately - whether or not you should max out your affordability. Can you afford a million-dollar home? Let's find out. You can find the blog here:

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Can I afford a million dollar home? is an episode from Real Money Talk - A fresh take on personal finance by Tyler Wade.

This episode is 08:38 long.

This episode was published on May 13, 2021.

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