Take into account all the expenses
Lawyer $1200
Inspection $300-$400
Property tax $2000-$3000/yr on average
House insurance $1000-1500/yr
A good idea is to make a realistic budget of all your expenses on a monthly bases compared to your income. Make sure there is some room in there to continue to invest in RRSP/TFSA. Furniture is also a big expense, couches, bed set, kitchen table etc can an really add up quick.
Don't be scared to lowball the asking price. The worst that can happen is they so no.
Good luck!
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