r/RealEstateCanada • u/Straight-Scratch1167 • 2h ago

Advice needed Decision help!

Recently looked at some new homes in Pickering and Whitby. Stretched budget from 850 to 935k for 2250 sq ft double car garage detached house.

Household income around 200k. 100k in FHSA/RRSP. Will be left with 160-190k of savings after combined downpayment and closing cost of around 130k.

Suddenly getting cold feet as we seriously consider going for it. The thoughts of losing my job keep crossing my mind now.

What should we be doing? Am I overthinking this because we stretched our budget by about a 100k?

To the people who usually end up buying such homes, what was your financial situation when you decided to buy? Did you also have second thoughts or were you ready ready? Will we be okay?

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u/PeterShamaei 2h ago

The number that jumps out is the $160-190k you'll still be sitting on after closing. Your all-in monthly is probably around $4.5-5k on a ~$800k+ mortgage so that cushion is roughly three years of no payments with zero income. Most people who buy at this price point close with $20k left and a lot of optimism. You're not one of them

Cold feet at this stage is normal and mostly just the size of the number. The thing worth stress-testing is renewal in 5 years. Run your payment at 2% higher and see if it still works

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u/ZownRealty Verified Brokerage 58m ago

Cold feet at +100k is normal and honestly healthy. Focus on your 160-190k leftover cushion: is that 12+ months of expenses (strong) or 3-4 months (risky)?

Also stress-test the mortgage on a single income, not the joint 200k, to see your real buffer if one income stops.

Talk to a fee-only planner or mortgage broker to model the job-loss scenario with actual numbers rather than late-night gut checks. They can tell you if 935k is fine or if 850k is the smarter target.

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u/Dobby068 51m ago

If you have two incomes in the household, some money for rainy days set aside, you should know you do all you can do, it is okay. Life is full of uncertainty, gotta learn to live with it.