User: When buying a house in canada, how do I budget so that I dont become house poor?
Assistant: Becoming "house poor" typically refers to a situation where a significant portion of your income goes toward housing costs, leaving little money for other expenses and lifestyle choices. To avoid this when buying a house in Canada, consider the following budgeting strategies:

### 1. **Know Your Budget**
   - **Income Assessment:** Calculate your total monthly income after taxes. Include all sources of income.
   - **Debt-to-Income Ratio:** Lenders generally recommend that your housing expenses (mortgage, property taxes, utilities) should not exceed 30% of your gross monthly income. Consider how much you can comfortably afford without stretching your finances.

### 2. **Factor in All Costs of Homeownership**
   - **Mortgage Payments:** Include principal and interest on your mortgage.
   - **Property Taxes:** Research local property tax rates and factor these into your budget.
   - **Utilities:** Estimate costs for water, electricity, gas, and internet.
   - **Home Insurance:** Get quotes for homeowners insurance to know what it will cost you annually.
   - **Maintenance and Repairs:** Budget for ongoing maintenance. A common guideline is to save 1% of the home’s value annually for maintenance.
   - **Homeowners' Association (HOA) Fees:** If applicable, include these in your calculations.

### 3. **Consider Other Financial Obligations**
   - **Debt Payments:** Include any other monthly debt obligations such as student loans, car loans, and credit card payments.
   - **Living Expenses:** Don’t forget to include groceries, transportation, childcare, and other monthly expenses.

### 4. **Down Payment Savings**
   - Save for a significant down payment (ideally 20% or more) to reduce your mortgage amount and avoid mortgage insurance (CMHC insurance) which can add extra costs.

### 5. **Get Pre-Approved for a Mortgage**
   - Obtain a mortgage pre-approval to understand how much you can borrow and what your monthly payments will be. Pre-approval helps you know your budget and what you can afford without overstretching your finances.

### 6. **Account for Future Expenses**
   - Think about life changes such as starting a family, job changes, or higher education. Make sure your budget allows room for these potential expenses.

### 7. **Emergency Fund**
   - Maintain an emergency fund with 3-6 months' worth of living expenses. This fund can help cover unexpected repairs or financial downturns, reducing financial stress.

### 8. **Work with Professionals**
   - Consider hiring a financial advisor to help you navigate your budget and needs. A real estate agent can provide insights into the market and help you make informed decisions.

### 9. **Be Realistic About Lifestyle Choices**
   - Think carefully about what you want in a home versus what you need. Balancing desires with practicality can ensure you choose a home that fits into your broader financial picture.

### 10. **Review Regularly**
   - After purchasing, regularly review your budget and financial situation. Adjust spending and saving plans as needed to maintain balance.

### Conclusion
By carefully assessing your financial situation, understanding all costs of homeownership, and planning for the future, you can avoid becoming house poor and enjoy your new home without added financial stress.
User: I have 150k gross household income, whats the max I can borrow?
Assistant: