The solution: no matter what size of house you have in mind, tidying up your finances for a future mortgage will be helpful in achieving your goal. Raising your RRSP is a safe bet because you can borrow up to $ 25,000 for a first home while enjoying a 15-year payback period without penalty. If you invest in mutual funds, pay attention to those with redemption fees that add up if you sell early. You want to have access to all of your money when you are ready to buy a house. Once the time comes, you can also take advantage of a federal tax credit.