September's Challange

August's Answer

Congratulations to Nathan Sapelak for winning August's challenge and getting both questions correct (if you're looking for a fantastic real estate lawyer, Nathan and Joel have been my go-to for a number of years now). We had a few guesses that came in really close together, but Nathan's was the quickest by a couple of hours. August's challenge asked the following...

When is the next Bank of Canada meeting, after which they will make an interest rate announcement?
* Bonus question: Do you think the rate will increase, decrease, or stay the same?

For August's answer, click the link above. 

September's Challenge:

Wendy, Todd, and Sam all make identical income and have identical credit. They all have a long history with their employer and have each saved up an identical downpayment to purchase a home within Toronto. Their financial situations are almost the exact same.

However, here is where they differ...

- Wendy just purchased a new car and now has a monthly car payment of $600. She is really proud however, because all of her credit cards and lines of credit are at a $0 balance!
- Todd has finally paid off his car, but recently used some credit cards to renovate his home and now has credit card debt of $20,000
- Sam's car is paid off and he has no credit card debt, but he does have a couple student loans he's still paying off. One is for $400/month and the other is for $200/month

Question: Assuming all else is equal except the debts listed above, who would qualify for the biggest mortgage, and who would qualify for the smallest mortgage?

* As usual, the first person to email or text me the correct answer wins a $15 Starbucks gift card!