How to save for a down payment towards a home

Owning a home in Canada requires saving for a down payment, which ranges from 5% to 20% of the purchase price, depending on the home's value. Mortgages are loans from lenders to finance home purchases, with terms typically between three to five years and amortization periods up to 30 years. First-time buyers can utilize the First Home Savings Accounts (FHSAs) for tax-free savings, and the Home Buyers' Plan allows RRSP withdrawals for down payments. Consistent saving and budgeting are essential for achieving home ownership.