This is arguably the biggest, most difficult and most time-consuming part of the home buying process. Think about it – in November 2021, the average home price in Canada rose to $720,850
. To avoid taking out a high-ratio mortgage, you’ll need at least 20 per cent as a down payment, or about $145,000. It’s important to start thinking about how you will come up with the money – whether it’s using your RRSPs through the first-time Home Buyers’ Plan
, savings, or financial help from the Bank of Mom and Dad.