What No One Tells You About the Down Payment: All Your Options So You Don’t Have to Wait Any Longer

By: Karly Castañeda • October 2025

For many first-time buyers —especially newcomers and Latino families in Toronto— the biggest fear about buying a home is this:

“I don’t have enough saved for the down payment.”

But here’s the truth no one talks about:

👉 You may already qualify to buy.

👉 You just don’t know the options available to you.

The down payment doesn’t have to be a barrier.It can be a strategy.

Let’s break down what most people don’t know 👇

You DON’T always need 20%

This is one of the biggest myths in Canada.

✅ First-time buyers can buy with as little as 5% down

✅ Even in Toronto

✅ Even if you are new to the country

Waiting to save 20% may mean waiting years…while the market keeps moving without you.

The Government Can Help You

Canada offers real support for first-time buyers:

• RRSP Home Buyers’ Plan (HBP)Use up to $60,000 per person tax-free to buy your home

• First Home Savings Account (FHSA)Contribute yearly, grow tax-free, and use it 100% for your down payment

• Land Transfer Tax RebatesSave up to $10,000+ depending on where you buy

  
  

These benefits are designed for buyers just like you — you simply have to take advantage of them.

Your Employment Status Doesn’t Have to Stop You

Many Latinos tell me:

“I can’t buy yet… I’m new at my job / self-employed / on a work permit.”

Good news: lenders have options for all kinds of employment situations.

You may be approved with:

3+ months at a new job

Self-employment with proper documents

Work permit + stable income

Don’t assume you don’t qualify until we check.

You Can Team Up

This is becoming one of the most common and successful strategies:

• Family member as co-signer

  
  

• Spouse or partner combining incomes

  
  

• Trusted friend with a joint purchase

You start building equity together, instead of paying rent forever.

Your Rent Is Paying Someone Else’s Down Payment

Every month you delay buying…

1. Your landlord wins

   
   

2. You fall behind the market

   
   

3. Prices continue to rise long-term

   
   

The question isn’t:

“Can you buy today?”

It’s:

“How much more will it cost if you wait?”

Final Message

Buying your first home isn’t about luck.

It’s about information + guidance + action.

If your dream is to own a home in Canada…

You don’t have to do it alone.You just need the right plan.

📩 Email: karly@karlymarlove.com📲 WhatsApp: +1 (416) 206-0447

Let’s discover your options today —so your future doesn’t have to wait.