reportonbusiness.com: Your Money

Posted AT 6:00 AM EDT on 19/06/08

Couple must make changes to buy condo

ANDREW ALLENTUCK

Globe and Mail Update

Two men in Ontario we'll call Bill and Tom, both 27, plan to marry this fall. Professionals, they have good careers and a combined annual gross income of $111,000. They figure that they should be able to afford a condo in the $300,000 range. They ought to be able to afford the condo, but have relatively little financial capital. Most of their combined savings of $28,000 are in registered retirement savings plans. Their cash on hand is just $4,300.

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