Wouldn’t it be nice if buying houses for sale were like the latest new car promotion? “No down payment, no interest for 12 months!” Sure, and we’d love for Revenue Canada to just “take our word for it” on what we owe this year. Where has confidence gone?

But until things change, you’ll have to grapple with the reality of down payment requirements when planning your next home purchase. In an ideal world, that means paying 20 percent of the purchase price and avoiding that nasty high-ratio mortgage insurance. However, if you are like most buyers, the minimum of 5 percent is more realistic.

The challenge is that with many homes selling for $ 300,000 and up these days, even 5 percent, or $ 15,000, can be overwhelming for the first-time home buyer. However, with a little ingenuity and knowledge of the options, your prospects for managing that critical down payment will be improving in no time.

Save it

Perhaps because they did not accept VISA at the Mayflower, our ancestors learned to buy things the hard way: by saving for themselves. It’s a strategy we’d do well to emulate, especially when looking at houses for sale.

Once you figure out the price range you’ll be shopping in and what that translates to for a down payment, decide on your time frame and make a plan. How much do you need to save each month to reach your goal? It may seem overwhelming at first, but it’s amazing how small changes can pay off in the end.

Drink the free coffee at work for a while instead of buying the five dollar latte. Eat more and go out to dinner less. Before you know it, you’re ready to make an offer, and the satisfaction you feel when the deal closes will outweigh the greatest caffeine sensation you’ve ever had.

pass it on

One potential source of down payment that is sometimes overlooked is an impending inheritance. It’s something we often don’t talk about for fear of appearing insensitive or opportunistic.

But when “the writing is on the wall,” there’s nothing wrong with including that in your home savings plan. After all, it’s the reason a grandparent or uncle puts you in their will in the first place, so they can improve your life when they leave. Also, if they are moving to a “better place”, why can’t you?

Make it happen

Have you ever turned the house upside down trying to find your glasses, only to find they were on your head the entire time? Sometimes we have what we need and we don’t even realize it.

Maybe you’ve been putting thousands in a tax-free savings account and thinking you had to stay there. It turns out that you can withdraw any amount at any time with no penalties or taxes to pay.

Your Registered Retirement Savings Plan (RRSP) is another option for financing home sales. As long as you pay it back within 15 years, withdrawals are allowed without penalty through the Canada Revenue Agency Home Buyers Plan. It’s an agency that’s rarely on your side, so take advantage while you can.

Save it, pass it on or take it out. These are just three of many options for securing a down payment on your new home with minimal stress or hassle. Just don’t try the promissory note approach, especially with the tax collector. He can lock it up and throw away the key. And while you’ll finally be stepping into top-notch “real estate” with no down payment, the payoff will come when you meet your new neighbors.