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) and the Home Buyers' Plan to save for down payments. Consistent saving and strategic budgeting are essential for achieving homeownership.
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