aja424

Hi,
Looking at moving to Calgary in the next year or so and looking at properties to get some idea's about what to expect.
Based on a nursing salary of around $70000 plus $15000 if my wife can find part-time work, what price properties would you say I should be looking at?. I expect to have around $40000 deposit.

withabix

Try this:

Mortgage Affordability Calculator | CMHC


The CMHC website has the information you need with regard to affordability, Mortgage Loan Insurance (which you WILL have to have with a small deposit) and other things.

Well worth a good read on that website so you don't get any disappointing surprises when you start looking at houses.


My guess would be a maximum mortgage of approx. $370,000 at current interest rates with $85,000 combined salaries, or $300,000 just with your salary. Both of these assume no other debt payments.

aja424

Will do, thanks very much.
Also looking at Vancouver and have looked at properties I feel to be within my price range in Maple Ridge and Surrey.
Are you aware of many people within these areas on nurse type salaries?
Thanks for the info.

withabix

There have been some shocking price rises in the last 12 months in Maple Ridge and indeed the whole Lower Mainland.

Typically 30-40% and currently running at 3% per month. Townhouses and Apartments not quite so much but still 20%+ in 12 months.

You'll get more for your money and a better lifestyle in Maple Ridge than Surrey, but most of the hospitals are closer to Vancouver.

haggis88

I based my mortgage on a similar salary to what you're quoting, just used my base rate with no overtime or bonuses and my girl was on about 30k full time

We got pre-approval for $460,000, but decided not to spend anywhere near that as it was our first house and we didn't want to absolutely max out everything

I'm selling my 3-bed in the south of Calgary btw

haggis88

oh yeah, and we had only a 5% deposit, so you're in good shape for anything up to $450,000

If you want broker or realtor advice, give me a shout in PM...i'll send you the details of our guys who've been awesome in Calgary

aja424

Cheers for the input guys.
Was looking in the 300-350000 so good news.
Like most people, will try and balance living in a good house and area as possible, whilst having enough money left over to enjoy my new surroundings.

Tirytory

I'm sure you're aware but nursing jobs are allocated on seniority, so the way it works here is that I can apply for a temporary or casual part time position first and then work my way up.. Depending on who's in line before you, depends on how long it will take to work up to a permanent full time position... So you probably have a ton of time before you need to worry about where and how much. It's such a good idea to rent anyway so you know you're in the right spot. We're just in the process of moving and losing a little money to the realtors 5% commission plus HST to buy in the place we now know is the right place to live.

Stinkypup

Welcome back stranger!

aja424

Expected to be renting for a year or so anyway, just like having an occasional browse.
Would it not be possible to get a mortgage whilst in a temporary or casual role?

Tirytory

Probably not as you would have no stable income and no guarantee of a permanent role. I wouldn't even want to take that risk personally,

R I C H

If you've a large enough deposit, you can secure a mortgage under pretty much any circumstance (non resident, self-employed, part time etc). Whether it's appropriate to depends on your tolerance of risk.

aja424

Thanks for the info guys, a bit of food for thought.
Main issue at the moment is getting registered and securing a job which is seemingly impossible.