Saving for a down payment is the first step. In Canada, you must put down 5% of the purchasing price. For residences between $500,000 and $1,000,000, you'll need 5% of the first $500,000 and 10% of the remainder. The minimum down payment on a $1 million house is 20%.


If not, you can save a down payment by saving money every month for years. You might potentially take up to $35,000 tax-free from your RRSP, or get a gift from a family member.