How to Save Money for a Downpayment

Michael Hallett • November 6, 2024

Whether you want to set aside money to buy a car or take a vacation, save up for a down payment on a property, or plan for your retirement, the principles are the same.

 

However, as you’re reading this article on a website dedicated to helping you secure mortgage financing, we’ll assume you want tips on how to save for a down payment!

 

The key to saving money is getting clarity - clarity around your income and your expenses, developing and following a clear plan, and seeking help from professionals who can help you see the big picture as well as the details. Although this might seem fundamental, sometimes going back to basics is the best place to start.

 

Assess your income.

 

If your goal is to save money, you’ll need to identify just how much money you’ve got to work with! The best way to do this is to write everything down. This could be with paper and a pen or on a spreadsheet; whichever way works best for you is fine. The goal is to have all your income in front of you!

 

If you’re on a fixed income or receive a salary for work, your calculations might be pretty simple. Use the income you actually take home, not your gross income. Include an average of your variable income sources like tips, overtime, bonuses, or shift differentials. You should also include other income sources like an annual tax return, and child tax or other government benefits.

 

Spend time to make an exhaustive list of all your income sources.

 

Track your expenses.

 

Once you’ve identified what you have to work with on the income side, the next step is to figure out just how much you actually spend to maintain your current lifestyle.

 

Start by identifying regular bills, then look at your discretionary spending. If you have a budget already in place, you should be able to identify these numbers easily. If not, you can expect that getting clarity around your expenses will be very enlightening. It will be helpful to look through a few months’ worth of bank statements to see just how much money you actually spend.

 

Information is the key to finding clarity. The more information you have, the more equipped you will be to save money. Just like your income, write down all your expenses. This will allow you to assess and reprioritize where you spend your money.

 

Develop and follow a plan.

 

Once you have a clear picture of your income and expenses, you need to figure out how to make more money than you spend. Although that sounds so simple, it really isn’t. The majority of Canadians incur debt because they spend more money than they make. This is why saving money can be so hard.

 

But if we’re going back to basics, remember this: if you’re spending more money than you're making, you need to either increase your income or decrease your expenses to start saving money. There are countless money-saving strategies on the internet; consider following a few financial bloggers, and have fun learning about what works best for you!

 

Seek help from professionals.

 

You’re probably here to learn about how to save money for a down payment because you want to buy a home soon. If that's the case, be assured you're in the right place. Putting together a plan to secure mortgage financing is one plan you don't have to make on your own.

 

As independent mortgage professionals, it’s our job to help you navigate all aspects of mortgage financing. Just like saving for a down payment is about managing income and expenses, so is getting a mortgage. Income and expenses, along with credit and property, are what a lender looks at when assessing your suitability for a mortgage.

 

So while you might assume that putting together a plan to save for a down payment is where you should start, it might not actually be the best place to start. Saving money takes time, and while you're doing that, there are many other things you could be doing at the same time, like building credit to increase your chances of qualifying for a mortgage sooner.

 

When you’re ready to assess your financial situation and put together a plan to save for a down payment and get into a mortgage sooner, please get in touch. It would be a pleasure to work with you.


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One of the most common questions, “how long does it take to get pre-qualified?” My response, “how fast can you provide the information I need.”
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MICHAEL HALLETT
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Bank of Canada Rate Announcement Dec 10th, 2025

By Michael Hallett • December 10, 2025
Bank of Canada maintains policy rate at 2.1/4%.  FOR IMMEDIATE RELEASE Media Relations Ottawa, Ontario December 10, 2025 The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. Major economies around the world continue to show resilience to US trade protectionism, but uncertainty is still high. In the United States, economic growth is being supported by strong consumption and a surge in AI investment. The US government shutdown caused volatility in quarterly growth and delayed the release of some key economic data. Tariffs are causing some upward pressure on US inflation. In the euro area, economic growth has been stronger than expected, with the services sector showing particular resilience. In China, soft domestic demand, including more weakness in the housing market, is weighing on growth. Global financial conditions, oil prices, and the Canadian dollar are all roughly unchanged since the Bank’s October Monetary Policy Report (MPR). Canada’s economy grew by a surprisingly strong 2.6% in the third quarter, even as final domestic demand was flat. The increase in GDP largely reflected volatility in trade. The Bank expects final domestic demand will grow in the fourth quarter, but with an anticipated decline in net exports, GDP will likely be weak. Growth is forecast to pick up in 2026, although uncertainty remains high and large swings in trade may continue to cause quarterly volatility. Canada’s labour market is showing some signs of improvement. Employment has shown solid gains in the past three months and the unemployment rate declined to 6.5% in November. Nevertheless, job markets in trade-sensitive sectors remain weak and economy-wide hiring intentions continue to be subdued. CPI inflation slowed to 2.2% in October, as gasoline prices fell and food prices rose more slowly. CPI inflation has been close to the 2% target for more than a year, while measures of core inflation remain in the range of 2½% to 3%. The Bank assesses that underlying inflation is still around 2½%. In the near term, CPI inflation is likely to be higher due to the effects of last year’s GST/HST holiday on the prices of some goods and services. Looking through this choppiness, the Bank expects ongoing economic slack to roughly offset cost pressures associated with the reconfiguration of trade, keeping CPI inflation close to the 2% target. If inflation and economic activity evolve broadly in line with the October projection, Governing Council sees the current policy rate at about the right level to keep inflation close to 2% while helping the economy through this period of structural adjustment. Uncertainty remains elevated. If the outlook changes, we are prepared to respond. The Bank is focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval. Information note The next scheduled date for announcing the overnight rate target is January 28, 2026. The Bank’s next MPR will be released at the same time.

Where the Housing Market Is Headed in 2026–2027 (BC Focus)

By Michael Hallett • December 5, 2025
Following several challenging years, British Columbia’s housing market is beginning to stabilize. Prices, which experienced downward pressure in 2024–2025, have largely plateaued, with some areas showing modest gains. The recent Bank of Canada rate reduction to 2.25% has lowered borrowing costs, improving affordability and supporting market activity. Across the province, housing supply is gradually increasing. Builders are delivering more condos, townhomes, and single-family homes, easing some supply constraints. Meanwhile, population growth, fueled by domestic migration and international immigration, continues to support long-term housing demand. Key Statistics Home sales: BC home sales declined slightly in 2025 by approximately 1.1% to 73,650 units but are projected to rebound in 2026 by around 8.8%, reaching roughly 80,150 units. Average home price: The provincial average price dipped modestly by 0.9% in 2025 to $972,800, with forecasts projecting an increase of 3.2% in 2026 to approximately $1,004,000. Benchmark home price: As of April 2025, the BC benchmark home price stood at $953,500, down 1.3% year-over-year. Listings and inventory: Active listings are expected to exceed 40,000 units in 2025, the highest in more than a decade. Market Forecast 2025: Market remains relatively flat, with modest declines in sales and prices. 2026: Sales and prices begin to recover, with modest upward trends. Early 2027: Market stabilizes, reflecting measured growth and improved affordability. Regional differences will continue. Urban condo markets may see slower price appreciation, while suburban and smaller communities with limited supply could experience stronger gains. What This Means for Buyers and Homeowners Prospective buyers: 2026 is an opportunity to enter a more balanced market with lower interest rates. Current homeowners: Refinancing or mortgage renewal could be advantageous in this period of slightly lower rates. Investors: Localized analysis is critical, as neighborhood inventory and rental demand will determine returns. Bottom Line: BC’s housing market is shifting from a cooling phase toward a period of gradual recovery. Lower interest rates, steady population growth, and increased housing supply point to a healthier, more sustainable market. Buyers, homeowners, and investors should plan strategically, recognizing that while growth is returning, the pace will be measured and regionally variable.