Bank approval doesn't mean you can afford it
Canadian banks tell you the maximum you can borrow, not what you should borrow. There's a big difference between qualifying for a mortgage and actually being able to afford the lifestyle you want.
Maximum vs. comfortable
Banks calculate the highest amount you can qualify for, but that doesn't mean it's comfortable for your actual life and expenses.
Lifestyle blind spots
They don't account for your actual monthly expenses like dining out, entertainment, hobbies, or the lifestyle you want to maintain.
Hidden costs
Provincial land transfer taxes, legal fees, moving costs, and home preparation can add $25,000+ to your purchase.