Mortgage Affordability in Ontario: How Much Can You Afford (20/2 Rule) | First-Time Buyer Tips

Описание: Getting ready to buy your dream home in the Greater Durham Region?

Before you fall in love with a property, make sure your finances are just as ready. In this video, I’m breaking down the 20/2 rule — a simple budgeting formula that helps you stay in control of your spending and avoid common home buying regrets.

Here’s how it works:
💰 20% Down Payment — Aim to put at least 20% down to avoid private mortgage insurance (PMI) and reduce your monthly payments.
📊 2x Monthly Rule — Your total housing costs (mortgage, property taxes, insurance, and utilities) should not exceed 2x your gross annual income ÷ 12.
💡 Bonus Tip: Keep a separate emergency fund for surprise repairs or home expenses.

Whether you’re a first-time home buyer in Ontario or simply want to feel financially secure in your next purchase, this video will give you the tools to plan smarter.

We’ll also touch on how to use an Ontario mortgage calculator to test your affordability and how this rule fits into today’s Durham Region real estate market — from Oshawa to Bowmanville, Courtice to Whitby.

🔔 Subscribe for more home buying tips, mortgage guidance, and expert real estate advice from a local Durham Region REALTOR® who’s here to help you move forward with confidence.

Marie Tugwell, REALTOR®
Royal Heritage Realty Ltd
342 King St W, Oshawa, ON
[email protected]
905-903-5977



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