One of the biggest hurdles for homebuyer's is making sure they have the required downpayment.
99% of Canadians have the skills and knowledge to make informed decisions about managing their money.
However, it still takes an average of 5 years to save that downpayment.
In order to make sure your time is well spent (in this case - saved) make sure you're using these following tips:
1. Make a budget and stick with it - Take a close look at your income and expenses and create a budget that allows for some money to be set aside for savings.
2. Cut out unnecessary expenses - Cut back on items like eating out, shopping, and entertainment and put that money towards your down payment.
3. Start an emergency fund - An emergency fund can help you cover unexpected expenses, so you don't have to take from your down payment savings.
4. Automate your savings - Set up automatic transfers from your chequing account to your savings account so you don't have to worry about manually transferring money each month.
5. Take advantage of employer contributions - If your employer offers matching RRSP's, consider contributing a portion of your paycheque to the plan. This money will be invested and grow over time, and first-time homebuyers can use it for their down payment.
If you're interested in knowing what mortgage you qualify for, contact me, and I'll connect you with an awesome mortgage broker!