Here's my current situation:
Electrical Engineer, graduated about 2.5 years ago, about to turn 27 yo tomorrow.
Gross salary $54000, Take home is about $1380 bi weekly (after 3% matched 100% RPP and 4% half matched stock option deduction). I'm in Canada.
After all my expenses I'm additionally saving $200 a month into an RRSP and $800 into a TFSA. I have no debt, minus about $200 sitting on my Visa which I pay monthly. RRSP has $2700 (some was transferred from a previous pension plan), TFSA about $7000 and a $1000 (mini emergency) savings account.
So here's the deal, I feel like I'm getting a good momentum. I'd like to get a house, should I wait til I can afford a larger downpayment or go ahead with only 5% to minimize the amount of time I am wasting paying rent?