Owning a home is a dream for many—but with rising real estate prices, tightening lending rules, and high living costs, it can feel like an impossible goal. Fortunately, realistic strategies and innovative programs are designed to help you get there faster.
This guide shows you how to afford a home, save for a down payment, take advantage of rent-to-own options, and explore unique housing solutions like Ironstone’s Flex Haus.
Why Homeownership Feels Out of Reach
Between student loans, rent, and everyday expenses, saving for a home can feel overwhelming. But the first step is understanding where your money goes and finding smart ways to redirect it toward your future.
How to Save for a Down Payment
1. Set a Realistic Goal
Start by researching the average cost of homes in your desired area. Based on that, aim to save at least 5% to 20% for a down payment. If you’re a first-time homebuyer, you may qualify for incentives that reduce the amount needed upfront.
2. Automate Your Savings
Treat your down payment fund like a monthly bill. Set up automatic transfers to a high-interest savings account or TFSA dedicated solely to your home fund.
3. Cut Back on Non-Essentials
Dining out, subscription services, and impulse purchases can add up. Consider trimming back and redirecting that cash to your savings goal.
4. Boost Your Income
A side hustle or part-time gig can dramatically accelerate your savings. Use any extra income solely for your down payment.
5. Take Advantage of Government Programs
Programs like the First-Time Home Buyer Incentive, Home Buyers’ Plan (HBP), and Tax-Free First Home Savings Account (FHSA) offer tax advantages and support when saving for your first home in Canada.
Use the Rent. Save. Own. Program
If saving while renting feels like running in place, you’re not alone. That’s why Ironstone Building Company and Drewlo Holdings created the Rent. Save. Own. program—a game-changer for aspiring homeowners.
What is Rent. Save. Own.?
For each month that you rent with Drewlo Holdings, you will receive $400—up to a maximum of $15,000—towards the purchase of a brand new home, condo, or townhome from The Ironstone Building Company.
You do not need to enroll in this program; it is automatically set up on the first day you rent with us.
Benefits of Rent. Save. Own.
- No need to pause your home savings while renting
- Start building your future today
- Access to modern, quality homes through Ironstone
- Support every step of the way
If you’re wondering how to afford a home without compromising your lifestyle, this program could be the perfect fit.
What is Flex Haus?
Another way Ironstone is innovating homeownership is through its Flex Haus concept, an income-generating home designed to boost affordability.
Flex Haus Explained
The Flex Haus is a single-family home with a separate, legal rental unit. This allows homeowners to live in the central unit while renting out the secondary suite to offset mortgage costs.
Why Choose a Flex Haus?
- Generate rental income from day one
- Increase your mortgage qualification amount
- Build long-term wealth through real estate
- Flexible layout for multigenerational living or future use
Whether you’re a first-time buyer or a savvy investor, Flex Haus offers a practical solution to help you afford and sustain homeownership.
Final Thoughts: You Can Afford a Home
Homeownership may feel out of reach but with the right savings strategy and programs like Rent. Save. Own. and Flex Haus, it’s closer than you think. Ironstone Building Company and Drewlo Holdings are helping turn dreams into keys in hand.
Start planning your path to ownership today—your future self will thank you.
Ready to Take the First Step?
👉 Learn more about the Rent. Save. Own. program
👉 Explore Flex Haus models and availability