It is best in any marketplace to get pre-approval for a mortgage. You can go to your bank and speak to them about your options or you can also contact mobile mortgage specialists who will help you with all of your needs. I have a few different specialists that I can recommend who will help you figure out your buying power and comfort level.
It is best to speak with a professional in the mortgage industry and not just ‘someone at the bank’ who may or may not be there next week.
Make sure you look at mortgage loan insurance as well. Here is helpful link directly to CMHC who is one of our mortgage loan insurance companies in Canada.
See your lender, who can obtain mortgage loan insurance from CMHC or private insurer.
CMHC will insure mortgages of up to 95% of the home’s purchase price or the market value of the property, whichever is less. (Restrictions may apply – contact your local lender)