Should I buy my first home?

Purchase $349,500.00

Personal down payment $17,475.00

First time home buyer incentive $17,475.00

Total Down payment $34,950.00

Mortgate amount $314,550.00

Mortgage insurance premium $9,751.05

Mortgage Payment $1,893.54

Property Tax $165.00

Monlthy income $4,860.00

Mortgage Payment $1,893.54

Property Tax $165.00

Home Owner Insurance $74.92

Strata $416.00

Total Monthly Mortgage $2,549.46

Emergency Repair Fund $314.55

Hydro $85.00

Internet $75.00

Food $850.00

Cellphone $115.00

Car Insurance $150.00

Gas $150.00

Entertainment $150.00

Clothing $100.00

Health product $100.00

Savings $221.00

**Where I Stand Financially**
– No kids or debt.
– Attending school with $10,000 left for a year’s tuition (Unused student loan account up to 20k)
– Living with parents since a breakup a year ago, and saving $2,000 monthly.
– Although reconnecting with my parents over this year has been amazing, I am feeling the need for personal space at 32. As well as, I know the additional costs I am adding to their lifestyle, they want to move to a smaller place, but are waiting till I finish school.
**Thinking about Housing**
– I have an offer in on a place that closes this week. The place is a fixer-upper that would take about $7,000 and hard work.
– After those costs (and closing on the place) I would have around $5,000 left in the bank.
– The concern is that my monthly budget has a targeted 52% for mortgage, property tax, home insurance, and strata.
– The positive is that I am locked in a 5.04% interest rate (Canada), and I understand this rate is only going up for the foreseeable future (year).
– I feel that if I do not purchase before Nov 1 when my interest rate expires my option to purchase may get even more challenging.
***1. Buying the Home***
Pros: Get personal space, building equity
Cons: High financial commitment
***2. Staying with Parents***
Pros: Save another $24,000 over a year.
Cons: Delay in getting own place, not bringing over any girls, frustration living with an older generation, potential rate increases and home price inflation.
Striking a Balance
The decision boils down to finding the right balance between getting my own place now and securing financial stability. It’s not just about having personal space, but also ensuring I’m prepared for potential changes in interest rates and the housing market.
Thoughts on how I proceed? Thanks in advance!