On July 14, 2021, you will meet Ms. Prena Conscience and Mr. Jean Lveill to assist them in the purchase of their first property. They would love to visit single family properties with you,

Madame Conscience declares an annual gross income of $ 70,000. She has $ 55,000 in RRSPs and $ 14,000 in savings in her bank account. She has a loan with a balance of $ 4000 maturing in 4 months and a car rental with monthly payments of $ 300.

Mr. Lveill declares an annual gross income of $ 65,000.

He has savings of $ 10,000 and $ 35,000 in an RRSP. He has a car loan with a balance of $ 12,000 due in 24 months and a fully used line of credit of $ 5,000.

- The annual taxes are $ 956 (school) and $ 4 840 (municipal).

- The annual heating cost is $ 1,500.

- The mortgage rate is 2.65% amortized for 25 years

- The Bank of Canada rate is 5.25%

- ABD is 39% and ATD is 44%

- Do not take into account the CMHC premium.

What is the maximum purchase of the property that your clients can acquire?

Down payment: ?

Loans: ?

Mortgage: ?

Purchase: ?

ABD: ?

ATD: ?

Conclusion