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Meet with a Mortgage Advisor to secure a rate and personalized plan.
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Meet with an Advisor to start your savings plan.
Book appointment
Meet with a Mortgage Advisor to secure a rate and personalized plan.
Book appointment

We're here to help you on your path to homeownership

To start, you'll need to understand where you're looking to go and how much you'll need to save.

1. Estimate your homebuying timeline

Determine your target timeline for homeownership, and how much you'll need to save.

Learn more about this step
2. Plan your savings solution

Your Coast Capital Advisor will review all your savings options including the First Home Savings Account.

Learn more about this step
3. Start saving

Open your savings account, set up automatic contributions that fit your budget and watch your savings grow!

Learn more about this step

Step 1: Estimate your homebuying timeline

Set yourself up for success by determining when and where you'd like to buy your home and how much you'll need to save for a down payment. You might be closer to your goal than you think.

1. Research homes in your ideal neighbourhood

Review home listings to estimate average price of the home you want. Explore other areas as well to get an idea of the possibilities if you broaden your search.

2. Calculate what mortgage amount you can afford

Use our mortgage affordability calculator to estimate how much mortgage you may be able to qualify for when you're ready to buy. Create a list of your current expenses and debt to help with an accurate estimation.

Affordability Calculator
3. Calculate your savings goal and timeline

The average price of your desired home minus the mortgage you may qualify for gives you an estimate of the down payment savings you’ll need. Then, you can calculate your timeline based on remaining savings needed and current savings habits.

A house with a lock

Coast Capital Tip: It’s possible to put down as little as 5% for your downpayment

A high-ratio mortgage (as little as 5% downpayment) can help you achieve your homeownership goal faster. Ask your Mortgage Advisor about this option.

Step 2: Plan your savings solution

Based on your savings timeline, your Coast Capital Mortgage Advisor will help you choose the solutions that work best with your plan.

First Home Savings Account (FHSA)
An account specifically designed for first time homebuyers.
  • Grow your savings tax-free
  • Reduce your taxable income
  • Save for up to 15 years and transfer unused funds to an RRSP
  • Contribute up to $8,000 annually and $40,000 in total
  • No repayment required if you buy a home
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Registered Retirement Savings Plan (RRSP)
Withdraw up to $60,000 tax-free with the Home Buyers Plan.
  • Defer taxes while you save
  • Reduce your taxable income
  • Easily access funds
  • Flexible repayment options
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Tax Free Savings Account (TFSA)
Save towards your goals without being taxed on the growth in your investments.
  • Grow your savings tax-free
  • No limits on how much you can withdraw or how long you can hold the account
  • Flexible investment options
  • Any unused contribution room can be carried over to the next year
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GICs
A safe, secure way to grow your savings over a set period of time, with a guaranteed return.
  • Guaranteed rate
  • Flexible term options to match your buying timeline
  • Your balance is protected through CDIC (up to $100,000 per category)
  • Only need $500 to get started
  • Available in Non-registered and Registered Accounts such as an RRSP, FHSA or TFSA
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Let’s pick the right savings solution, together
Book appointment
or call us at 1.888.517.7749

Step 3: Start saving

Now that you know how much you need to save and the solutions that can help you get there, it's time to put your savings plan into action.

The best time to start saving is right now

  • Book an appointment to open up your dedicated down payment savings account(s)
  • With your budget in place and estimated timeline mapped out, you’re ahead of the game and ready to set up an automatic savings contribution (weekly, biweekly, or monthly schedule)
  • With your savings on auto-pilot, you can have peace of mind knowing that you're getting closer to your homeownership goal

Pro tip: Don't forget to add more to your automatic savings if you get a raise or find a way to increase your income.

Book appointment
A house with a lock

Coast Capital Tip: Consider the income boosting potential of our Elevate Chequing Account

With unlimited access to Coursera1 courses, you can gain pratical skills that could open doors for new career opportunities and higher income.

Let’s explore your options together

Book appointment

1.888.517.7745

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CDIC Deposit ProtectionCDIC Deposit Protection

Coast Capital Savings Federal Credit Union is a member of the Canada Deposit Insurance Corporation (CDIC). More CDIC information

Only deposits payable in Canada are eligible to be insured under the Canada Deposit Insurance Corporation Act.
Want to compare our accounts with accounts at other financial institutions? Use the Financial Consumer Agency of Canada Account Selector Tool

1. Coursera is an online learning platform offering multiple continuing education opportunities from leading universities and institutions. The products offered by Coursera can, but do not guarantee to, help users advance, relaunch, or improve their earning potential in their careers. On the Coast Capital Elevate Chequing Account, a primary account holder will receive one (1) free Coursera for Business license for the account holder’s personal use. This license will be associated with the primary account holder’s email address on Coast Capital’s records. Only one (1) license can be associated with an email address to open a Coursera account, and if a primary account holder opens two (2) or more Coast Capital Elevate Chequing Accounts, the primary account holder must provide a unique email for each Account in order to receive one (1) license per each opened Account. A license will be valid for the period the primary account holder maintains a Coast Capital Elevate Chequing Account in good standing. A license has a monetary value of CAD 538 per year or a monthly monetary value of CAD 79 as of January 1, 2024. No substitutions will be allowed. Coast Capital may allow, at its sole discretion, transfers of a license to another individual as decided by the primary account holder. The license may be subject to content, course, and program exclusions or limitations at the sole discretion of Coursera. The use of the license will be exclusively subject to Coursera’s terms, conditions, and policies. Details regarding Coursera’s products, terms, conditions, and policies can be found at https://www.coursera.org/