When it comes to buying a new home, knowing how much you can comfortably afford is key. With the median home price sitting at $429,156 in the U.S. and $663,828 in Canada—and mortgage rates hovering between 6.0-6.3%—the numbers can feel overwhelming. I always recommend the 28/36 affordability rule as a solid starting point: aim to keep your monthly housing costs under 28% of your gross income, and your total debt payments under 36%. Don’t forget to budget for any repairs, and keep an eye out for homes that have been on the market a while or might be undervalued. Having helped Calgary families find homes that truly fit their lives, I know how important it is to balance dreams with practicality. Whether you’re looking for your first place, your next family space, or a rural retreat, a thoughtful budget is the first step toward waking up in a home you love.
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