Need a reality check - how much can I afford
I bring home about 5K a month after tax, and my fiance about $2K pre-tax (she's self employed). I have about $120K in savings and about $30K in RRSP, and she has about $35K. I got some mortgage rates from one of the big 5 banks prior to the increase in the stress test, using my own income only. I was qualified for pre-approval for a purchase price of $550K. However, my mortgage guy told me that as long as I can put 20% down, he can qualify me up to $535K in mortgage; in other words, I could buy up to $668K approximately.
I've been looking at the $550K range in the Burnaby-New West-Coquitlam areas and things are just dismal. So I thought, we'd either get something below $500K, it's gonna be small but it will be temporary, or get something $600K plus, possibly a 2-bed, so that we can stay there even after we have kids.
What do you think I should do?
[Edit 1: No debt, no car payments. Just regular bills, thanks!]