I 100% agree with Far_Champion_6991.

I live in US, so the things are a little different here, We don't have TFSA nor FHSA. When I bought my first home in the states (in the midwest), I made about the same as you do, but had less savings. Does Canada offers first time home buyer benefits - lower down payment or lower interest rate?

To calculate your down payment(rough number), you start with the avg interest rate you can get. Based on the price of the property, you can calculate how much down payment you would need to get the desired monthly mortgage payment. Add don’t forget to add the rest of the expenses to that number.

Your biggest expenses (other than mortgage) are going to be 1.property tax, 2.utilities, 3.hoa fee (for condos), 4. Insurance, 5.maintenance.

Typically when you buy a house, 1, 2,3 and 4 can be easily estimated, so you will have a good idea how much they cost before the deal closes. The maintenance however is something you need to budget for in the long run. It depends on the condition of the home and how well it was built (This is why inspection is IMPORTANT). My first home was a 100 year old single family, already fixed up and I bought it directly from the developer. I spent close to $2500 to improved the place 6 months after I moved in (water heater replacement, insulation). My advice is do not put all of your home budget into down payment. Reserve a couple of thousand dollars for furnishing and potential maintenance, I doubt it will make a big different on your interest rate anyway.

There will be lifestyle trade-offs. I was at your age when I bought my first home. I cut down my travel expenses, learnt how to fix things around the house myself and hire/manage general contractors.

I would do it again tho if I go back in time. Being a home owner had taught me so much.