First off I would think that you are thinking of buying a home in the big city, 400,000 is a lot of money and even more so to pay off. You have to realize that in a place like Calgary that in 1983 you could buy really good homes for $80,000 now just inflation has made them crazy. Hang onto your money for a while, cause I know what it was like to be mortgage poor. Maybe some other options are to call the city and ask them if they have any vacant lots for sale, then you start calling places like lumber places that build ready to move homes, most of them are about $100,000 for the good ones, you would have to get someone to make you a basement like a concrete co. and a plumber-gasfitter to hook up the lines, but I would really rethink this one. Also never, never, never put in an offer to purchase WITHOUT A HOME INSPECTION. So the offer would be contingent upon a satisfactory home inspection done, cause just because you are paying big bucks does not mean you are getting a good home.