Saving for a down payment… still possible?

Buying a property is a dream for many, but for 45% of Quebecers, saving for a down payment seems out of reach. With rents eating up a significant portion of income, is it still possible to put money aside to become a homeowner? Let’s explore this question.


The challenges of saving for a down payment

  • High rents: For many people, rent represents more than 30% of the monthly net salary, making any attempt to save difficult.
  • Lease renewal: Faced with these challenges, several potential buyers have chosen to renew their lease rather than enter the real estate market this year.
  • Waiting for prices to drop: Many prefer to wait for a possible drop in real estate prices before taking the plunge.
  • Anticipation of falling interest rates: The hope of falling interest rates also motivates some to delay their purchase.


Recommendations and realities

  • Official recommendations: The Financial Consumer Agency of Canada recommends that rent not exceed 35% of gross monthly income.
  • Current situation: According to a recent survey, more than 8% of renters spend more than 50% of their salary on rent, making it even more difficult to save for a down payment.


Saving for a down payment is a major challenge for many Quebecers, especially with high rents and often insufficient income. However, with careful financial planning and monitoring market trends, it is still possible to achieve this dream. The key lies in careful financial management and patience.

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