Here are a few strategies to help you save for and increase your down payment:
Set up a regular automatic savings plan
Save any special monetary gifts you may receive
Use any investments or other collateral you may have1
Take advantage of the RSP Home Buyers' Plan
Consider using your RSP to help with your down payment
If you’re a first time buyer, the RSP Home Buyers’ Plan lets you withdraw up to $25,000 from your RSPs (up to $50,000 for a couple), subject to certain conditions
The withdrawn amount must be repaid within 15 years, subject to a minimum annual repayment that is 1/15 of the amount withdrawn. Find out more about the RSP Home Buyers' Plan (opens new window)
1Please discuss the implications of withdrawing investments with a tax professional.
Down Payment Calculator
Use this calculator to find out how much you'll need to save each month.
