The down payment is an essential part of your purchase. There are private lenders who offer mortgages with zero down, but the interest rate will likely be much higher. The cost to you will be much greater in the long run. This is generally not recommended. Don’t cut corners and risk your home and investment. Save up at least five percent of the purchase price, and consider reducing your home-buying budget to make it more affordable.
Aside from good ol’ scrimping and saving, you can also take advantage of the first-time Home Buyer’s Plan to borrow from your RRSPs – tax-free!