Stable income, manageable debt, and plans to stay local for several yr can signal renting may be ready to turn into ownership.
Canadian lenders often want 2 yr in the same field, or 2 yr of consistent tax returns for self-employed buyers seeking approval.
Planning to stay 3 to 5 yr can make ownership more practical, especially when you want community roots and more control at home.
Ownership may help build equity over time as mortgage payments reduce loan balance, depending on market conditions and each buyer’s mortgage structure.
Above $500K, buyers typically need 5% on the first $500K and 10% on the remaining portion, strengthening savings plans for future ownership.