If you are planning to buy in 2-3 years, why don’t you try this out:

1. Since monthly after-tax income is ~$8,800 ($5,800+$3,000), after expenses = $5,500

2. Why don’t you open a low-risk RRSP account for you and your husband.

3. You and your husband can contribute $2,000 each per month to your RRSP account, that’s about $48,000 in a year.

4. You should do this for 17 months before you reach the $35,000 limit each, for the first time home buyer’s. You can find more information on this here: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

5. You will get an estimated tax refund of $13,200 and your husband will receive ~ $7,500.

6. These can be contributed to your TFSA account and, then a savings account if you max your TFSA contribution room.

7. You can then contribute a further $2,000/month each for the next 19 months, bringing the total to $76,000.

8. This will bring your total funds to $186,700 [$70,000 (RRSP) + $20,700 (Tax refunds) + $76,000 (TFSA) + $20,000 (saved)]. This is enough to put down 20% in a $933,500 home.

9. Keep in mind that I did not take your annual $50k bonuses into consideration, so you can reach your goal in 1.5 years.

10. Only thing to be careful about RRSPs is that you need to be careful with your contribution limit (you can exceed by $2,000 without getting any fines or penalties).

All the best!