How long until I can buy?
Enter the price you are aiming for and how much down you want to put. The goal includes closing costs, which the FCAC says to budget at 1.5% to 4% of the price.
Your estimate
TIME TO REACH YOUR GOAL
How this is estimated
What the calculator assumes.
The goal. The minimum down payment is 5% of the first $500,000, 10% of the part to $1.5 million and 20% above (FCAC). Under 20% down you also pay mortgage insurance, added to the mortgage. Closing costs of 1.5% to 4% of the price are from FCAC’s buying a home page.
Save faster. An FHSA gives you a tax deduction now and tax-free growth, and the Home Buyers’ Plan lets you use RRSP savings: see the first-time buyer programs guide. Prices can rise while you save, so check the goal again each year.
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