Jeremy and Sarah S. are a couple with two kids living in London, Ont. She is a stay-at-home mom, and he’s been working full-time now for two years. They have saved five per cent for a down payment and enjoy good credit scores. Last September, they started looking for a home for their young family. The maximum purchase price was $280,000. They were unable to find a home that suited them, until February 2017 when they put an offer on a home for $265,000. However, they were declined because the qualifying rate reduced their purchasing power by $30,000. They are struggling to find a nice home in their preferred neighbourhood for $250,000. They currently pay $1,800 per month for rent. If Jeremy and Sarah could buy, their combined monthly mortgage payment and property taxes would be less than the rent they have been paying for two years.