She says a good rule of thumb is for the down payment to cover 20 per cent to 30 per cent of the purchase price. Even then, lenders will often take it into account that a seasoned entrepreneur is likely to have different financial means than someone who’s just getting started, so the percentage can vary.

In commentary published today, Capital Economics’ Stephen Brown wrote that April’s national drop in home sales could “act as a headwind to the [economic] recovery over the rest of the year” if the declines continue.

“Let’s massively invest in housing as a way to create jobs locally in communities and as a way to ensure people have a place to call home,” Singh said, accusing the Liberals of ignoring a long-standing crisis.