Saving for a Downpayment? Some Advice Along the Way!

Katherine Martin • August 18, 2016

If you are looking to purchase a property in the next while, you probably already know that you need at least 5% of the purchase price as a downpayment. Saving a bigger downpayment, let’s say 10%, certainly increases your chances of securing financing. While having a 20% downpayment allows you to avoid paying CMHC mortgage insurance (most of the time), which can save you a lot of money! 

The problem with saving money is that it’s hard! Really hard. Most of us spend what we make on life expenses. Finding extra money at the end of the month to put away for something like a downpayment on a house can seem like an impossible task. Unfortunately, there is no magic formula to simply make an extra $40k in 3 weeks, saving money is a process, and it takes time! 

Below are three articles that can help you with the how of saving money!

Now, if you are considering purchasing a property, but don’t already have a plan in place, please contact me directly. I would be more than happy to get you started. 

7 Simple Ways To Start Saving Money Now

Money growing 

Written by Prajakta Dhopade. Published on Money Sense November 9th 2015. 

Most people realize that saving their hard-earned money is essential to ensuring a comfortable future. It’s just the actual execution of a savings plan that eludes them. But trying to save without a concrete plan can leave you feeling directionless and lost, both of which seriously hinder progress. On the other hand, implementing a savings plan that is too stringent could lead to feelings of discouragement, which may drive you to abandon your path.

So what are the best ways to create a savings plan and stick to it?

How To Avoid The Pressure To Spend

Written by Randy Cass. Published on Nest Wealth May 11th 2016.

We all like spending money on the things we enjoy, whether it’s dinners at nice restaurants, clothes, cars, or vacations, because when we buy we receive instant gratification. However, problems begin to surface when we overspend on wants instead of needs, or, when we spend money we don’t actually have. 

Much like all behaviours, our buying habits reflect our backgrounds, experiences and psychological make up. And while shopping preferences and disposable incomes may differ, the logic behind our spending habits is pretty well the same – spending money allows us to feel in control. 

The Magic of Wanting: An unexpected perk of living with less

Written  by Chris Enns. Published on Rags to Reasonable Feb 22nd, 2015. 

You remember how amazing Christmas or your birthday was when you were a kid?

The anticipation. The sleepless night. The setting out of the cookies… the eating of ice cream for breakfast (I’ll let you decide which tradition goes with which event). And the getting of sweet sweet stuff.

You’d made your list, or dropped super subtle hints about the exact lego set that you definitely wanted.

Then you wait, and the waiting is intolerable. But it finally comes. And there’s more anticipation. Will it be there? Will Santa come through? (Yes. He came every year on my birthday, too. We have a special bond.)

Now, as a legally defined grown-up, it’s pretty different.

Katherine Martin


Origin Mortgages

Phone: 1-604-454-0843
Email: kmartin@planmymortgage.ca
Fax: 1-604-454-0842


RECENT POSTS

How to Finance Renovations When Buying a Home in Canada

By Katherine Martin • November 4, 2026
Can’t Find the Right Home After You’re Pre-Approved? There’s Another Option The best place to start any home purchase is with a mortgage pre-approval. It gives you clarity around your budget and lets you shop with confidence. But what happens when you’ve been pre-approved, you know where you want to live—and nothing suitable fits your price range? This is a common challenge, especially for first-time homebuyers. Before buyer fatigue sets in, it may be worth considering a different approach: buying a home that needs work and financing the renovations as part of your mortgage . What Is a Purchase Plus Improvements Mortgage? A purchase plus improvements program allows you to buy a property and include the cost of approved renovations directly in your mortgage. This can be a great solution if: You can’t find a move-in-ready home within budget You’re open to renovations You want to customize the home from the start It opens up more options and can help you get into a location or property that would otherwise be out of reach. How the Process Works While the idea is straightforward, the process itself is structured and requires planning. Here’s a high-level overview: Renovation quotes are required upfront You’ll need detailed quotes for the work you want completed before final mortgage approval. Renovations must add value The lender must be satisfied that the improvements will increase the property’s value accordingly. Funds are reimbursed, not advanced You pay for the renovations initially. Once the work is completed and verified by an appraiser, the lender reimburses you and adds the cost to your mortgage. With the right guidance, this process is very manageable—but it’s important to understand the steps before committing. Is This Program Right for You? Purchase plus improvements isn’t for everyone. Buying a home is already a big undertaking, and adding renovations can increase stress—especially if timelines, budgets, or contractors become challenging. That said, if you’re financially prepared and like the idea of shaping the home to fit your needs, this program can be an excellent way to get more value and flexibility from your purchase. Final Thoughts If you’re struggling to find the right home after being pre-approved, you may not need to lower your expectations—you may just need a different strategy. If you’d like to explore whether a purchase plus improvements mortgage makes sense for you, feel free to connect. I’d be happy to walk you through the process and outline exactly what this option would look like in your situation.

Bank of Canada Raises Rate to 2.5% — October 28, 2026

By Katherine Martin • October 28, 2026
On October 28, 2026, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.5%. If you have a mortgage, are shopping for a home, or have a renewal coming up, this decision matters. Here is a plain-language look at what changed, why it happened, and what it could mean for you.
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Katherine Martin. All Rights Reserved.