Investing your down payment savings

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As you start on your journey towards homeownership, one of the first things you’ll need to do is start saving for a down payment. In order to buy a home, you will need at least 5% of the purchase price, which can be a hefty amount! While saving, don’t just keep your funds in your chequing account; by investing your savings your money can grow while you build your down payment.

Important Considerations

Unless you are investing in a GIC, returns are never guaranteed. It is important to be mindful of your risk tolerance; if you’re several years away from purchasing your home you may be more comfortable with higher risk investments than you would be a year away from getting pre-approved for a mortgage.

Cambrian has several investment options available to our members.

Mutual Funds*

Mutual funds give you a way to invest in a wide range of industries and regions through professionally managed funds. This can reduce your risk by diversifying your investments. If you're investing for retirement or other long-term goals, mutual funds are a popular option to help you get there.


VirtualWealth is a simple and convenient digital investing service that provides you with a professionally managed, low-cost portfolio to match your personal financial goals, timeline and risk tolerance.

Getting started is easy. Tell VirtualWealth a little about yourself and you’ll receive a recommendation for an expertly designed portfolio that fits your needs. Then fund your account online and VirtualWealth will do the rest for you.  


Home Buyers’ Plan

If you’re a first time home buyer, you can take advantage of The Home Buyers’ Plan and withdraw up to $35,000 from your RRSP. While saving your down payment, one strategy is to contribute to your RRSP with the intention of withdrawing the funds as part of The Home Buyers’ Plan. When you receive your tax refund in the following year, a good practice is to re-invest your tax refund by contributing it to either your RRSP or TFSA.


Many individuals choose to put their down payment savings in a Tax Free Savings Account. When you put money into a TFSA, your returns are tax-sheltered, making the TFSA a great option for medium or long-term investments. You are also able to withdraw from your TFSA at any time, offering you additional flexibility, and will not be required to re-contribute your withdrawals, as you are with RRSP funds taken out through the Home Buyers’ Plan.

Learn more about your saving and investing options






VirtualWealth is a trade name of Credential Qtrade Securities Inc., Member of the Canadian Investor Protection Fund.

*Mutual funds are offered through Credential Asset Management Inc