Renters across Canada have been struggling with rising rent costs and wondering how they will be able to save for a down payment while renting. However, with some money management tricks and adjustments to your daily living, you can save for a down payment. It might go slowly, but every little bit helps. Here are some tips to save for a down payment while renting. 1. Make a Budget and Stick to It Making a budget is the easiest way to make your financial goals happen. When you... [read more]

What is a Down Payment? A down payment is a lump sum that a homebuyer pays up front when purchasing their house. It represents a portion of the home’s total purchase price. The homebuyer will often take out a mortgage from a bank or another financial institution to finance the remainder of the house purchase price. The higher the down payment, the less the buyer will need to borrow to finance the rest of the house, resulting in lower monthly payments and less interest paid. Is a... [read more]

So, how much is a down payment on a house, anyway? The purchasing process usually starts years before the actual purchase, because that’s how long it can take to save up for a down payment, depending on where you’re planning to buy a home, your income and expenses, and of course, the home price. In Canada, when the purchase price is $500,000 or less, the minimum down payment is 5%. For homes priced over $500,000, the minimum down payment is 5% for the first $500,000 and 10% for... [read more]

Saving a down payment for a house can be a daunting task. In this day and age, it can take years to save up enough money to afford a home, depending on various personal and economic factors. However, the Canadian government has created a Home Buyers’ Plan program, which allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to increase their down payment. If you’re buying with someone who also qualifies for the program, that... [read more]