My situation
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- Where
- Home price$
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How long to save a down payment?
First-time buyers take 4.7 years on average to save a down payment. Add your savings, what you can save monthly, family gifts and the FHSA to see when you'll get there.
Family gift, RRSP, FHSA, return (optional)
Time to go
1 yr 11 mo
Ready around October 2028
- Minimum down payment$45,000
- Closing cashLand transfer tax (first-time rebate applied) + about $3,000 legal etc.$15,475
- Total needed$60,475
- Available now (savings + gift + RRSP)$20,000
- FHSA tax refundsEstimated at your marginal rate$4,200
- Household income needed for this priceUsing a stress-test rate (Big 5 5-year special + 2%), 25-year amortization, 39% of income for mortgage + tax + heat; other debts raise it$167,000
Under 20% down needs mortgage insurance (premium added to the loan); first-time buyers with insured mortgages can choose 30-year amortization for lower payments.
Estimate: FHSA up to $8,000 a year and $40,000 lifetime; RRSP Home Buyers' Plan up to $60,000 (must be repaid on schedule). CRA rules apply.