Smart Strategies to Save for Your Down Payment

Stephanie Barritt • November 5, 2025

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.


STEPHANIE BARRITT
MORTGAGE EXPERT

CONTACT ME
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By Stephanie Barritt • February 18, 2026
Your Guide to Real Estate Investment in Canada Real estate has long been one of the most popular ways Canadians build wealth. Whether you’re purchasing your first rental property or expanding an existing portfolio, understanding how real estate investment works in Canada—and how it’s financed—is key to making smart decisions. This guide walks through the fundamentals you need to know before getting started. Why Canadians Invest in Real Estate Real estate offers several potential benefits as an investment: Long-term appreciation of property value Rental income that can support cash flow Leverage , allowing you to invest using borrowed funds Tangible asset with intrinsic value Portfolio diversification beyond stocks and bonds When structured properly, real estate can support both income and long-term net worth growth. Types of Real Estate Investments Investors typically focus on one or more of the following: Long-term residential rentals Short-term or vacation rentals (subject to local regulations) Multi-unit residential properties Pre-construction or assignment purchases Value-add properties that require renovations Each type comes with different financing rules, risks, and return profiles. Down Payment Requirements for Investment Properties In Canada, investment properties generally require higher down payments than owner-occupied homes. Typical minimums include: 20% down payment for most rental properties Higher down payments may be required depending on: Number of units Property type Borrower profile Lender guidelines Down payment source, income stability, and credit history all play a role in approval. How Rental Income Is Used to Qualify Lenders don’t always count 100% of rental income. Depending on the lender and mortgage product, they may: Use a rental income offset , or Include a percentage of rental income toward qualification Understanding how income is treated can significantly impact borrowing power. Financing Options for Investors Investment financing can include: Conventional mortgages Insured or insurable options (in limited scenarios) Alternative or broker-only lenders Refinancing equity from existing properties Purchase plus improvements for value-add projects Access to multiple lenders is often crucial for investors as portfolios grow. Key Costs Investors Should Plan For Beyond the purchase price, investors should budget for: Property taxes Insurance Maintenance and repairs Vacancy periods Property management fees (if applicable) Legal and closing costs A realistic cash-flow analysis is essential before buying. Risk Considerations Like any investment, real estate carries risk. Key factors to consider include: Interest rate changes Market fluctuations Tenant turnover Regulatory changes Liquidity (real estate is not easily sold quickly) A strong financing structure can help manage many of these risks. The Role of a Mortgage Professional Investment mortgages are rarely “one-size-fits-all.” Lender policies vary widely, especially as you acquire more properties. Working with an independent mortgage professional allows you to: Compare multiple lender strategies Structure financing for long-term growth Preserve flexibility as your portfolio evolves Avoid costly mistakes early on Final Thoughts Real estate investment in Canada can be a powerful wealth-building tool when approached with a clear strategy and proper financing. Whether you’re exploring your first rental property or planning your next acquisition, understanding the numbers—and the lending landscape—matters. If you’d like to discuss investment property financing, run the numbers, or explore your options, feel free to connect. A well-planned mortgage strategy can make all the difference in long-term success.

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By Stephanie Barritt • February 11, 2026
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