Hey, you are doing very well for this stage in life. You can do either. I would start looking and focusing on the areas you want – and hold yourself to NOT fall in love with a house the first 6 months when you are looking. It will be HARD if this is the first you are doing this. Or if you fall in love, do not put an offer. Really it’s for the best in long term. (There are some rare exceptions, i admit.)You have to really know what you want, and there is such a diversity of houses out there that you wouldn’t know what you want until you see a lot of different types. With townhouses, it narrows it down quite bit in CV,but, if I’d be in your shoes I’d buy a detached house in PQ. Have you considered Scripps Ranch?
As I said on the other thread mentioned here – I’d borrow 5% from 401k to come with 20% down and keep some cash on hand.
Your search may last for a year or more – time in which you’d keep saving money. So I wouldn’t worry about how much to wait and where to get your last 5% for down. Start looking NOW. After 6 months of ACTIVELY looking thru a lot of houses you’ll be much more selective and you’ll know when you found what you wanted.
Another piece of advice – with kid(s) – which are expensive – and your income (identical to ours) – I’d stay under 550K even if you put 20% down. – you can get a good size nice house in PQ with 4 bdr for that.
