This is probably the top question I get.

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Издатель Dec 19, 2024

"how do I save for a down payment?"

Right off the bat, it's not an easy thing to do, BUT these are the things I usually tell my clients when we start the mortgage process.

1️⃣ Automate Your Savings: Set up automatic transfers to a high-interest savings account. Even small amounts add up FAST.

2️⃣ If you already have an RRSP, I would contribute more to your RRSP before the end of the year and then take out an RRSP loan. This will increase your tax refund which can be used to pay down the loan or go towards more of a down payment.

3️⃣ Open an FHSA (First Home Savings Account) before the end of the year. Even if you don't contribute the full amount this year, you can start earning tax-free money in that account to go directly to your down payment (this can then be combined with your RRSP or other savings account)

4️⃣ A family gift can also help you reach your goal sooner and many mortgage lenders allow this type of financial support.

5️⃣ If you are carrying debt, address the debts first. By reducing your balances and overall interest cost, you can put that original spend into savings. Can you move your balance to a low-interest credit card? Even that small change can save you $$.

If you want personalized help with determining where your down payment can come from, send me a message. It all starts with a simple conversation to see what options you have.