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20 Amazing Ways To Save Money On A House In Canada

A place that you can call “Home”, seems pleasing right? However, when you look at the sky-high prices in the market, and the added expenses for the upkeep or bills of your house, suddenly that thought of a home starts feeling like a burden.  It can be hard to pay mortgage installments and also pay for the electricity and water bills. Especially, if you don’t have financial support or a person to support you, the situation can be pretty tough. So how about we ease that up today to save money on a house in Canada! 

Did you know there are several ways in which you can buy your dream home and still save your money on most of the spending? You can save on electricity bills or others while still managing your living standards! Keep reading to find out the 20 best ways to save money on a house in Canada.

Read: The Ultimate Guide on How to Buy a House in Canada

Save Money on a House in Canada

1. Rent One of the Rooms

If you have an empty room or two lying around your house, rent it. This can help you save money on utility bills, mortgage bills, taxes, while also making your home more lively. Airbnb has also made part-renting easier, so all you have to do is find a suitable person. 

To advertise your room, the most suitable places are Roomlsl, Kijiji, Easy Room Mate, Rentometer, Trulia, and To avoid a nightmare tenant, run a background and security check thoroughly.

Read: Rent vs. Buy a House: What’s the Difference?

2. Regulate Your Water Usage

If you limit your water usage, you can save money on a house in Canada. You will save on the astronomical water bills every month while also taking an eco-friendly stance. Here are some ways to achieve this.

  • Cut your show time short.
  • Use fixtures with low pressure, like faucets, showerheads, etc. 
  • Get any water leaks repaired. 
  • Mulching your garden is a good idea. 
  • Use your dishwasher for full loads every time. 
  • Water your lawn for fixed periods. 
  • Update any obsolete water hardware in your home.
  • Rain barrels are a good idea.

This can significantly reduce your water usage and bills.

Read: How To Buy A Home In Canada: Understanding Closing Costs

3. A Competitive Edge on the Mortgage Rates

Save money on a house in Canada

The number of people choosing their current rate for credit and loans, or mortgage on a house will astonish you! Before getting a mortgage, you always have to look around. Your bank might be great, but looking around a little never hurt anyone.

You can find the results of this shopping around a lot. For example, lower rates. It might be possible that your regular bank is not providing good rates as compared to another bank. In that case, you can still keep your regular bank but take a mortgage out on the other one.

You stand to save up to 0.25% on a mortgage of $400,000. For example, if you pay 3% instead of 3.25%, you will be saving a good amount each year. You can easily compare and contrast the rates of different banks online and choose the one that fits your requirements the best. 

Read: 7 Vital Tips For Paying Off Mortgage Faster

4. Get Rid of the Mortgage Before Time 

If you have the money, pay your mortgage payments in advance to help save a lot of dollars over the year in interest savings. To pay this faster, here is what you can try.

  • Do lump-sum annual payments. 
  • With the same payment methods, you can lower your rate through refinancing.
  • Use bi-weekly to weekly payments to up the pace of payments. 
  • Round up the payments that you usually do.
  • Use commissions, inheritance as cash windfalls. 

If you do a lump sum payment of $5,000 on a loan of $400,000, you will have $39,000 in your pocket as mortgage savings. The reason is the lower amortization through 6 years.

Read: How To Buy A Home & Get A Mortgage With Bad Credit?

5. Get a Mortgage Life Insurance

If you get a mortgage, a bank will try to bait you in with mortgage life insurance, do not take it! You should instead get well-cushioned term-life insurance for your mortgage. A mortgage life insurance can be exhausting as an expense because banks are covered far more than, well — you.

For example: If you look around for a $50,000 coverage on life insurance, you can save over 47% if you get term life insurance.

Read: How To Choose The Right Life Insurance In Canada?

6. Look for a Variable Mortgage

If you choose a variable mortgage rate, you will have to pay less interest on your loan as per various studies.  If you are ok with season rate hikes and the safest variable rates till it is over, you stand to save a lot of money. This is a bit tricky but a good way to save money on a house in Canada.

Read: What Is Homeowners Insurance & What Does It Cover?

7. Switch to LED or CFLs

Switch all your incandescent lights to the new technology of CFL (Compact Fluorescent Lamps) or LED (Light-emitting Diode). These might be more costly than incandescent lights but have a lower energy usage and long life. 

In comparison, you can find that CFLs save 25%-35% on your energy usage and LEDs can save up to 75% and last as long as 20 years. What a save!

8. Get 20% Down Payments

If you are in Canada, you can get a 20% down payment that means you don’t have to get CMHC insurance along with your mortgage. Also known as Private Mortgage Insurance in the U.S. For instance, On your mortgage of $400,000, this can bring an instant savings of $15,200.

If you pay big in big installments, you are also eligible for low rates for your monthly payments at several banks.

9. Use Timed Outdoor Lighting

Save money on a house

Switching to timed light sources outside your house will regulate your energy usage and bring a lot of savings. That means all you have to do is set a time, and never worry about switching the lights on or off again, hence saving money and also living without worries.

However, you have to keep in mind to adjust these timers according to seasons. E.g., in winter, you need the light to switch on earlier than usual because the days are shorter. 

10. Get a Smart Power Strip

A smart power strip can help save on electric bills as you plug electronic appliances into it. You always have to go through the hassle of switching off regular power bars after use but often forget it. However, a smart strip cuts the electricity supply to the appliance that is not in use automatically.

The phantom loads contribute to over 450 kilowatts of energy annually in Canada. These power strips also protect your electronics with surge protection. You can save up to 5% to 10% on cutting down the phantom loads. 

11. Go for Energy-efficient Appliances

While buying any electronics, choose the one with the ENERGY STAR® version that helps save 10%-15% on energy usage. They are more eco-friendly with the best performance in the market. 

Letting go of your 1994 washer will help save $110 while a pre-1986 one will save $158 annually in the form of energy costs.

Many places go as far as to pay you to get rid of these obsolete devices. For example, in Manitoba, Canada, one MB Hydro has a “Power Smart Refrigerator Retirement Program.” If you give them your fridge or freezer for recycling, they will pay you $50 on every transaction.

Read: Canadian Real Estate Market: The Income Required For A Home In Canada’s 10 Largest Cities

12. Switch to a Low Temperature on Your Water Heater

The default setting of a water heater is 140 degrees Fahrenheit or 60 degrees celsius, which is way too high. You have to lower it down to 120F or 48.9 degrees celsius to get 10% energy savings.

A lower temperature saves money while also preventing scalding. defines 120 Fahrenheit as the safe level. However, dropping below this level can lead to harmful bacterias over time.

Here are some other ways to lower water heater energy usage.

  • Insulate some feet of the water pipe excluding the heater.
  • Insulating the hot water tank is a good idea. 
  • When on a vacation, turn your water heater off.

13. Make Your Home Weatherproof

Be it summer, winter, or autumn, you can use the following tips to make it more comfortable while also saving on costs.

For Winter

  • Use natural sunlight to warm your home during the day by opening the windows. 
  • Apply caulking on the worn weather-stripping and plug the air leaks on the windows and doorways by them. You can save up to 25% on energy usage through this.
  • Use inflation film to cover draughty windows and doors.
  • Use insulation in crawl spaces, attics, or the basement to save 25% energy.

For Summer

  • Install weather-stripping.
  • Use fans to enhance ventilation and cooling.
  • Keep the light out by closing the curtains.
  • Get your AC services and keep the thermostat at high levels that are bearable for you.

14. Use a Programmable Thermostat

You can save significantly on heating and cooling bills through the use of programmable thermostats. These eliminate the burden of manually setting your thermostat temperature while maintaining suitable temperatures that match the season and your lifestyle.

For example, every time that you lower down your thermostat to 1% celsius, you are saving 2% on your energy bills. If done properly, this advanced device can save up to 20% on your annual bills of heating and cooling your house.

Read: A Comprehensive List Of Best Robo Advisors In Canada!

15. Dress Weather Appropriate

Dress as per the micro-climate that persists in your home. Add layers in Winter to stay warm and lower your thermostats. For example, you can wear a coat over your sweatshirt and thermal wear. You are bound to save 2% on energy costs by lowering down the thermostat to 1 degree celsius.

During summer, dress in light colors and fewer layers and save your money by dialing up your thermostat.

Read: What Are The Investment Risks You Need To Know In Canada?

16. Create a Garden

Save money

Groceries are a daily expense, and you can cut it down by planting a garden anywhere in the open space of your home. Grow herbs and shrubs that do not take much delicate work and are also good for daily cooking use. If you don’t have a backyard, a surface planter and container will be fine.

You can use wood pallets to create the surface planters. However, while using these pallets, make sure they are not the ones doused with chemical treatments.

The plants that you can grow include basil, thyme, parsley, cilantro, strawberries, tomatoes, lettuce, kale, rhubarb, peppers, etc. You will save money while also appreciating nature while you do so.

17. Do Proper Servicing of Your AC and Furnace

Keep your ACs and furnaces in top shape by performing simple checks and fixes.


  • Make sure the exhaust and intake pipes stay open.
  • Get rid of any debris/dust regularly.
  • Replace the filter every three months as per your convenience. 
  • Clean the air vents and registers to get rid of any hurdles.

Air Conditioners

  • Insulate the pipes.
  • Get rid of dust and make sure that air flows adequately.
  • Make sure the condensate drain tube stays unplugged.
  • Make the bent fins straight if not already.
  • Power it off and cover during winters.

Additionally, you can always call a professional to check the health of your appliances. Adhering to these tips will save your energy costs and ensure a long life of the unit while also averting any significant emergency repairs. 

Read: 29 Amazing Tips To Save Money Faster In Canada

18. Make Automatic Bill Payments

To not be burdened with a late fee on monthly payments, automate them. In this way, if you forget to do your payment, you will still not be fined.

Look through all your bills thoroughly sometimes to find out any places where you are being ripped off or to forgo the services that you o longer use but pay for. Late payments can also take your credit score down. 

19. Declutter

Cluttering your home does no good, you should be minimalist and remove things that you no longer need. It can help you save money on a house in Canada. For example, the outgrown clothes, shoes, bikes, games, toys, books, car seats, movies, furniture, phones, and other electronics.

You can sell them online by looking up their current cost. You can also go yard/garage sales or list your items on online marketplaces like Letgo, Sell groups,,, Craigslist,, etc.

Read: Top 11 Ways to Avoid Payday Loans in Canada

20. Take Down Your Cable

Cut down your cable or trim it to save money. You can use much more customizable and cheaper alternatives like Hulu, Amazon, Sling TV, Netflix, and HBO Now. There is also the option to use Roku for Netflix. You can use promotional offers that do not cost a lot and are tailored as per your likes.

The deal here for you is to negotiate better terms with the provider and save up to $1356 yearly on cable if you prefer that over other platforms. Negotiation is the key here, so keep repeating to stick to your current package.

The Bottom Line

Buying a house is a tedious process but worth it. Though the thing even more challenging than that is to maintain the house as a home. It takes good planning, care, and maintenance to have a comfortable lifestyle in the house you have built. By following these amazing 20 tips on how to save on a house in Canada, you can save money. I hope this article has helped you. Let us know what you think! 

Read: 100 Innovative Ways To Save Money On A Tight Budget

Devanshee Dave

Devanshee is a staff writer at She is a finance enthusiast and has completed her Master’s degree in Mass Communication & Journalism. She has worked as a journalist in a local business newspaper, multiple start-ups as well as finance and economy-related online media houses.

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