What are my chances of mortgage approval?

We're about to hit our 2 year renting anniversary and I want to buy a home, we are throwing away $800 every month on an apartment that is run down with disaster neighbours. I currently have $5000 sitting in a TFSA that I intend to use as a downpayment, this doesn't include the $5000 I have in RRSPs and $2500 in a savings account.

I was just given a raise at work and I am now making $30,000 per year, I've been there just over a year and a half. I submitted the request for a mortgage pre-approval online because I see houses in the area selling for $60,000 - $80,000 and I feel that is a realistic expectation for me. My mortgage and utility payments would likely be considerably lower than my rent payment!

I have excellent credit, my credit cards are paid in full every single month. I do have $10,000 in student loans outstanding.

I just don't know if this is a realistic expectation right now or if I am just dreaming of home ownership.

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