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Ways to Save for Down Payment for First-time Buyers

first-time property buyer

“Where do first-time buyers get the money?” This is one of the most common questions that many people ask these days, considering the current costly housing market in Canada. With the current housing market in the market, young adults and first-time buyers are more likely to struggle to buy a real estate property. However, many of them still able to manage to obtain properties, even at the most expensive cities in the country.

 

First-time property buyers are experiencing great challenges when it comes to financing a home or saving for a down payment. Heroic savings practices are actually needed by any person who wants to buy a real estate property, most particularly in expensive cities such as Toronto, Calgary and Vancouver. This means that various sacrifices must really be made on their spending. They need to take all the necessary savings measures to obtain the right amount of money they need for a down payment.

 

The best way for any first-time buyer to get into the expensive Canadian housing market is to maximize his/her saving. This is, however, daunting to do when you are paying high cost of rent in a huge city. Well, moving in with your in-laws or parents can be of great help. You can save for up to 7,200 dollars for a year in doing so.

 

You can sell your vehicle and commute. When you do this, you will really be saving huge amount of cash on fixed costs like car maintenance, gas, insurance, parking and other car payments. You will also spare yourself from high car repair bills. Investing in a bike will also be of paramount help.

 

Here are just a few of the many things that you need to keep in mind if you are thinking about purchasing a home or any real estate property in Canada.

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