Saving for a Downpayment? Some Advice Along the Way!

Marci • August 10, 2016

If you are looking to purchase a property in the next while, you probably already know that you need at least 5% of the purchase price as a downpayment. Saving a bigger downpayment, let’s say 10%, certainly increases your chances of securing financing. While having a 20% downpayment allows you to avoid paying CMHC mortgage insurance (most of the time), which can save you a lot of money! 

The problem with saving money is that it’s hard! Really hard. Most of us spend what we make on life expenses. Finding extra money at the end of the month to put away for something like a downpayment on a house can seem like an impossible task. Unfortunately, there is no magic formula to simply make an extra $40k in 3 weeks, saving money is a process, and it takes time! 

Below are three articles that can help you with the how of saving money!

Now, if you are considering purchasing a property, but don’t already have a plan in place, please contact me directly. I would be more than happy to get you started. 

7 Simple Ways To Start Saving Money Now

Money growing 

Written by Prajakta Dhopade. Published on Money Sense November 9th 2015. 

Most people realize that saving their hard-earned money is essential to ensuring a comfortable future. It’s just the actual execution of a savings plan that eludes them. But trying to save without a concrete plan can leave you feeling directionless and lost, both of which seriously hinder progress. On the other hand, implementing a savings plan that is too stringent could lead to feelings of discouragement, which may drive you to abandon your path.

So what are the best ways to create a savings plan and stick to it?

How To Avoid The Pressure To Spend

Written by Randy Cass. Published on Nest Wealth May 11th 2016.

We all like spending money on the things we enjoy, whether it’s dinners at nice restaurants, clothes, cars, or vacations, because when we buy we receive instant gratification. However, problems begin to surface when we overspend on wants instead of needs, or, when we spend money we don’t actually have. 

Much like all behaviours, our buying habits reflect our backgrounds, experiences and psychological make up. And while shopping preferences and disposable incomes may differ, the logic behind our spending habits is pretty well the same – spending money allows us to feel in control. 

The Magic of Wanting: An unexpected perk of living with less

Written  by Chris Enns. Published on Rags to Reasonable Feb 22nd, 2015. 

You remember how amazing Christmas or your birthday was when you were a kid?

The anticipation. The sleepless night. The setting out of the cookies… the eating of ice cream for breakfast (I’ll let you decide which tradition goes with which event). And the getting of sweet sweet stuff.

You’d made your list, or dropped super subtle hints about the exact lego set that you definitely wanted.

Then you wait, and the waiting is intolerable. But it finally comes. And there’s more anticipation. Will it be there? Will Santa come through? (Yes. He came every year on my birthday, too. We have a special bond.)

Now, as a legally defined grown-up, it’s pretty different.

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Smart Strategies to Save for Your Down Payment

By Marci Deane • March 25, 2026
How to Start Saving for a Down Payment (Without Overhauling Your Life) Let’s face it—saving money isn’t always easy. Life is expensive, and setting aside extra cash takes discipline and a clear plan. Whether your goal is to buy your first home or make a move to something new, building up a down payment is one of the biggest financial hurdles. The good news? You don’t have to do it alone—and it might be simpler than you think. Step 1: Know Your Numbers Before you can start saving, you need to know where you stand. That means getting clear on two things: how much money you bring in and how much of it is going out. Figure out your monthly income. Use your net (after-tax) income, not your gross. If you’re self-employed or your income fluctuates, take an average over the last few months. Don’t forget to include occasional income like tax returns, bonuses, or government benefits. Track your spending. Go through your last 2–3 months of bank and credit card statements. List out your regular bills (rent, phone, groceries), then your extras (dining out, subscriptions, impulse buys). You might be surprised where your money’s going. This part isn’t always fun—but it’s empowering. You can’t change what you don’t see. Step 2: Create a Plan That Works for You Once you have the full picture, it’s time to make a plan. The basic formula for saving is simple: Spend less than you earn. Save the difference. But in real life, it’s more about small adjustments than major sacrifices. Cut what doesn’t matter. Cancel unused subscriptions or set a dining-out limit. Automate your savings. Set up a separate “down payment” account and auto-transfer money on payday—even if it’s just $50. Find ways to boost your income. Can you pick up a side job, sell unused stuff, or ask for a raise? Consistency matters more than big chunks. Start small and build momentum. Step 3: Think Bigger Than Just Saving A lot of people assume saving for a down payment is the first—and only—step toward buying a home. But there’s more to it. When you apply for a mortgage, lenders look at: Your income Your debt Your credit score Your down payment That means even while you’re saving, you can (and should) be doing things like: Building your credit score Paying down high-interest debt Gathering documents for pre-approval That’s where we come in. Step 4: Get Advice Early Saving up for a home doesn’t have to be a solo mission. In fact, talking to a mortgage professional early in the process can help you avoid missteps and reach your goal faster. We can: Help you calculate how much you actually need to save Offer tips to strengthen your application while you save Explore alternate down payment options (like gifts or programs for first-time buyers) Build a step-by-step plan to get you mortgage-ready Ready to get serious about buying a home? We’d love to help you build a plan that fits your life—and your goals. Reach out anytime for a no-pressure conversation.

Bank of Canada Holds Rate at 2.25% — March 18, 2026

By Marci Deane • March 18, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. For anyone watching the mortgage market — whether you're renewing, purchasing, or simply keeping an eye on borrowing costs — here's a breakdown of what was announced and what it may mean for you.

Is Now the Right Time to Buy? A Look at Canada's 2026 Housing Market

By Marci Deane • March 17, 2026
For many Canadians, the dream of homeownership has felt like a moving target. After years of market volatility, shifting interest rates, and economic uncertainty, you might be wondering: is 2026 finally the year to make a move?