How to Save a Down Payment

Where to find your down payment

Saving for a downpayment is harder than ever.  With home prices rising every year, how do you keep up. don't !!  You get help.

Seek the advice of a professional  who can help you explore the options based on your unique circumstances.  Whether you're new to the country or have no down payment, this article will be an introduction to some of the strategies I use to help clients find the money.


As your Realtor, I will walk you through the steps for each of these options.

Early Inheritance
Ask your parents to give you some money now to invest in your mortgage.  Even if your parents are cash poor , but own a house, they can lend you money without paying a monthly fee. To take advantage of this program, your parents must be over 55 years old.  Ask me for details.

Equity Investors
Ask a friend or family member to invest in your home.   You live in the house and care for all the expenses while your friend / family has purchased an equity stake in your home.  They have no responsibilities to maintain the property and their investment increases in value based on yearly appreciation rates.  It's a great investment with little risk, given that banks are paying less than 1% and houses have appreciated significantly more than 1% every year. 

Renting a Room / Basement
If you purchase a house with a finished basement and a washroom then some lenders will consider part of the ren in your overall mortgage.  You can rent a room from $500 - $800 and a basement from $800 - $1800 in Toronto.  Apartments are in high demand with rental rates currently at 1%. Make extra money by making an extra plate for dinner ( room and board ) to earn another $300 / month. 

Loans / Gifts
You may have a parent or someone who is willling to gift you money or at least loan the money for a short period of time. If you're concerned about repaying the loan, then the next option will help you find the money.

AirBNB Vacation Rentals
Vacation rentals have become more common and Toronto is a tourist hot spot.  Imagine earning $500 - $1000 a week simply by renting your house for a few days. 

If you're shy to ask for an early inheritance or gifts from family or friends, then let me do the hard work.  I will talk to people face to face and help them see the benefits of lending you money.  Remember, their investment is secured within a physical property that can be resold.  It's my job to help them see that fact..

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