Your $60,000 savings might already be enough. 1. Canada uses a tiered minimum: 5% on the first $500,000, then 10% on anything above that up to $1.5 million — so a $700,000 home only needs $45,000 down, not the massive sum most people assume. → $45,000 2. If you put 5% down on a home with a $570,000 mortgage, CMHC mortgage insurance adds $22,800 to your loan — that gets rolled into your mortgage and compounds over time. → $22,800 3. You don’t have to use only your savings — legitimate down payment sources include your FHSA, RRSP withdrawals through the Home Buyers’ Plan, and even a non-repayable gift from a family member. 4. The 20% myth delays too many first-time buyers — with 2026 variable rates hovering around 3.45–4%, buying sooner with less down can actually be the smarter financial move. → 3.45–4% Full breakdown with every number 🌐 getwealthy.blog #canadafinance #personalfinance #canadianmoneytalk #moneytips #canada
Certified Financial Planner (CFP) and Chartered Investment Manager (CIM) with over 17 years of experience in Canadian personal finance. Spent 10+ years at one of Canada's Big Five banks, the last 7 focused exclusively on high-net-worth clients. Every guide is written with the same depth I bring to real client work — Canada-specific, CRA-verified, and always free.