Our busy lives leave little room for savings, making homeownership feel out of reach. However, by shifting your mindset and prioritizing savings, along with small expense cuts, you can gradually work toward your goal. With dedication and a clear plan, owning a home can become possible.

Here are 5 Ways to Reach Your Down Payment Goals:

1. Set up an automatic transfers from your paycheque account to savings account monthly.

2. Cut Unnecessary monthly expenses, such as daily coffee or clothing.

3. Put aside raises, bonuses & tax refunds.

4. Borrow from your RRSP. The Home Buyers’ Plan allows buyers to withdraw up to $60,000 from their RRSP for a down payment, with couples able to combine this for a total of $120,000, as long as it is repaid within 15 years.

5. Get a side hustle (new income stream).

Meanwhile, remember to consult a professional Mortgage Broker for more information to help you successfully get into the market.