|  What does it take to actually buy a home? The dream of buying a home has floated further out of reach for many young Canadians over the course of the COVID-19 pandemic. Housing affordability eroded at its fastest pace in 27 years in the first quarter of 2022 as rising mortgage rates offset early cooling in the real estate market, according to the National Bank of Canada. A home in Toronto is even out of reach for Tembeka Pratt and her partner, who, despite making a combined $200,000 in annual income, have thus far had their hearts broken by Canada’s unaffordable housing market. "I really don't know how people in my generation or younger are going to be able to afford something just to get into the market," she tells Global News. Global News spoke to housing and mortgage experts about what it really takes to buy a home in the country’s “soul-crushing” real estate market for the third piece in our Sticker Shock series. Find out what costs you need to keep in mind and what kind of mortgage is really within your reach depending on where you want to live in this story from Global News reporter Craig Lord. Check out our interactive inflation calculator to see the real impact of the rising cost of living on your personal finances.  Baby formula shortage or panic buying? Reports of baby formula shortages in the United States have prompted fears of similar shortfalls north of the border. Sylvain Charlebois, director of the agrifood and analytics labs at Dalhousie University in Halifax, told Global News that Canada is not immune to what is happening in the U.S. as Canada relies on its neighbour to the south to import baby formula. While Prime Minister Justin Trudeau said this week that Canada’s supply of formula is “fine,” there has been some evidence of panic buying and Charlebois said he is not surprised. "Just seven days ago, the Retail Council of Canada was basically telling Canadians, 'Don't worry about it, don't worry.' But I didn't understand that message at all as eventually, it would affect the Canadian market and now I think Canadians are not trusting what people are telling them to do," he said. Charlebois said supply issues in Canada should get back to normal within about a month if a Michigan plant that was closed over bacteria concerns reopens in less than two weeks. Read more here.  ‘Pack your patience’ booking summer travel Pent-up travel demand from the COVID-19 pandemic is coming to a head with long lineups and delays at airports, prompting experts to advise travellers to be prepared for delays at the gate this summer. "The dilemma now is that the infrastructure at both airports and passport offices is just not caught up with the demand, and that's what's really causing a problem," Toronto travel insurance broker Martin Firestone told Global News. In recent weeks, airports — particularly in Toronto and Vancouver — have seen hours-long security queues, customs bottlenecks and other delays. Factoring in the "tremendous lineups," Firestone said his advice to his clients is to get to the airport well in advance — at least three to four hours before the flight. As for booking flights, early morning might not be the best bet to avoid hassle as security lines and customs are just opening up. Read more tips to beat the rush from Global News reporter Saba Aziz. ________________________ – THE QUESTION – “I have recently retired, and now that I am living on a pension, I have been interested in staying on a budget. However, it is difficult to manage. What are some tools/strategies you could recommend to help me track my spending?” — A Money123 reader “When testing out apps or software to track spending, look for the simplest one you can find that isn't going to turn into an expensive paid version, works on your go-to device’s operating system (IOS, Windows, Android), so it’s at hand daily and, most importantly, syncs with the bank accounts and credit cards you use to avoid data input becoming wearisome. I believe in keeping it simple, so I would suggest starting with what I call an anti-budget strategy and then playing around with software when you feel more confident. Here's how to get started. Divide expenses into two categories: fixed, non-negotiable and variable, discretionary. For fixed costs, don't waste any energy on them; they are what they are. Automate paying them from the account your pension lands in. For variable expenses, review whether your money is going towards things you care about. Make adjustments. Find your average dollar spend each month. Open a second bank account and on pension payment day, transfer that amount in. You can see what you have available to spend at a glance, which makes management real-time and proactive instead of looking back at a credit card statement when it’s too late to do anything about it.“ -Kathy Waite, registered retirement consultant, Your Net Worth Manager ___________________________ Want your money question answered by an expert? Get in touch! | 
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