Saving for a down payment can feel overwhelming, especially when timelines are tight or life forces you to move sooner than expected. The good news? There are multiple ways to pull together the funds — some faster than you think.

Here are six practical strategies to build your down payment 👇

1️⃣ Save consistently with a plan

Set up a dedicated savings account to keep your down payment separate and trackable.

✔️ use a TFSA to grow savings tax-free

✔️ automate weekly or bi-weekly transfers

✔️ increase contributions whenever possible

Even small amounts add up quickly when you make saving automatic.

2️⃣ Live at home temporarily to reduce expenses

If your family has space, moving back for a short period can fast-track your savings.

✔️ no monthly rent

✔️ lower living expenses

✔️ more cash available for savings

Even 6–12 months of reduced expenses can create a solid down payment.

3️⃣ Earn extra income on the side

A second job or additional contract work can boost your savings dramatically.

✔️ weekend serving or retail shifts

✔️ gig work or freelance projects

✔️ seasonal or part-time roles

Bank every dollar from the extra income to keep yourself on track.

4️⃣ Use the Home Buyers’ Plan (HBP)

The federal HBP allows first-time buyers to withdraw up to $35,000 from their RRSPs (or $70,000 per couple).

✔️ tax-free withdrawal

✔️ must be repaid over 15 years

✔️ can significantly boost your down payment

This is ideal when you already have RRSP savings built up.

5️⃣ Borrow using an RRSP loan

Some lenders allow you to borrow funds to contribute to an RRSP, then withdraw them using the HBP after 90 days.

✔️ increases your available down payment

✔️ helps buyers with little existing savings

✔️ requires strong repayment planning

Keep in mind the loan itself impacts debt ratios for mortgage approval.

6️⃣ Sell assets you no longer need

Liquidating valuable items can create quick access to down payment funds.

✔️ vehicles

✔️ collectibles

✔️ secondary property

✔️ equipment or tools

Always document the sale with a receipt or bill of sale to verify the source of funds for the lender.

💬 Final Thought

There’s no single “right” way to build a down payment — most buyers use a mix of savings, RRSP strategies, side income, and family support. What matters is planning early and choosing the approach that aligns with your goals and timeline.

If you want help comparing your down payment options and understanding what lenders will accept, message The Frontline Mortgage Group and we’ll guide you step-by-step.