One of the most important decision of your life depends a great deal on how much you will be able to afford. Several factors will determine how much you will be able to borrow. Prior to making a final decision, it is advised to contact your mortgage advisor.
Please note: Your bank or mortgage broker should be able to pre-approve a mortgage for you, but this does not mean that you are fully approved for the mortgage you will need. You may be qualified, but the property you hope to purchase, may not be qualified. It is advised that you always enter into a Contract of Purchase and Sale with subjects (contingencies) to obtaining financing. Unless you are absolutely sure the funds are available, when and where you will need them. A Real Estate Professional will be able to help you with the necessary terms and conditions necessary to protect your needs.
For a general idea on how much you can afford, click on this link to access the CMHC Mortgage Calculator .