How to Save for a Down Payment

Saving for a down payment is crucial for homeownership. In Canada, minimum down payments vary by home price, with 20% often preferred to avoid mortgage insurance. Saving strategies include cutting expenses, using high-interest savings accounts or First Home Savings Accounts (FHSA), and planning for the Home Buyers’ Plan to borrow from RRSPs. For short-term goals, keep savings in low-risk accounts like HISAs or GICs to protect funds.