Relying on rentals in Toronto
Prospective Toronto first-time buyers Tyler Padley and Jamie McGovern are coming to terms with the fact that the house they want probably isn't the house they can afford.
"A semi-detached would be ideal, but for our price range it's going to have to be a townhome and it's going to have to be outside of the area that we want to live in," says Mr. Padley, 31.
Mr. Padley works in software development and his wife in pension administration, and the couple has managed to save up a 20 per cent down payment. They want to spend no more than $350,000 to $400,000, but their bank preapproved them for a mortgage of about $900,000. "It's ridiculous."
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