Need some advice on what to do for a new home build deposit as a First Time Home Buyer

Housing

I am buying a new build condo with a move in date in 2027, the builder needs 5% now, then 5% next year and my eventual goal is to put down a minimum of 20% (~75k) for the mortgage in 2027.

I have currently saved ~60k in an RRSP, 60k in a TFSA, and 25K in a FHSA. I know that because the building won't be complete before October this year the FHSA remains untouchable and I have to wait till 2027 to withdraw, so my current plan was to pull the initial 10% from my RRSP knowing I can get the remaining 10% from my FHSA by 2027.

Does this make sense or am I going about things all wrong.

Posted Aug 4, 2025, 4:37 PM UTC

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