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Saving For A House or Condo Down Payment
Taking the step to buy a home of your own is a very exciting and rewarding experience. A good place to get started is considering your options: condo or house? The neighbourhood? Fixer-upper or new construction? Once you’ve got a feel for the cost implications of these decisions, then you can roughly determine what you’re looking to spend.
The cost of a home may seem overwhelming, and saving for a down payment can be daunting if you are just starting out. But, with the proper planning, budgeting and saving you can be well on your way to owning your own home.
The cost of a home may seem overwhelming, and saving for a down payment can be daunting if you are just starting out. But, with the proper planning, budgeting and saving you can be well on your way to owning your own home.
Saving Tips
In addition to your budgeted savings, there are lots of small things you can do that could help you reach your goal sooner:
- Save your change: If you put your spare change aside at the end of every day, it can really add up.
- Bring your lunch: By not spending $10 on lunch every day, you could save almost $1,000 a year.
Tools that may help you with your savings goals
Cash Flow Calculator
To get a better idea of where you spend your money monthly or annually.
Budget Spreadsheet
A household budget can help you manage your money and be a better saver.
Start saving today
Here are our suggestions to help you save for a down payment
- TD High Interest Savings Account
A place to put away the money you’ve saved - Tax-Free Savings Account
There is a range of TFSAs that can help you save for short or long term goals - RSP Home Buyers' Plan
For first time home buyers, the Home Buyers' Plan lets you withdraw up to $25,000 ($50,000 for a couple) from your RSP to help2 - GICs and Term Deposits
Invest your savings into a GIC or Term Deposit with a maturity date that aligns with your Investment horizon - TD Mutual Funds
A professionally managed portfolio of TD Mutual Funds3 can help to grow your savings - Automated Savings Services
Set up an automated savings service so you automatically contribute to your savings account
2 Conditions and eligibility requirements apply.
3 Mutual Funds Representatives with TD Investment Services Inc. distribute mutual funds at TD Canada Trust.
3 Mutual Funds Representatives with TD Investment Services Inc. distribute mutual funds at TD Canada Trust.