There's an excellent program from the Federal Government to help 1st-time buyers here in Toronto.
The best news for first time buyers is the size of the withdrawal amount that you can make from an RRSP when buying a house or a condominium.
The federal budget has recently increased the withdrawal limit for first-time homebuyers using the Homebuyer's Plan to $25,000 per individual qualified 1st-time buyer.
That means that a qualifying couple could use up to $50,000 total from their RRSP, tax-free, towards their down payment or closing costs.
Amounts withdrawn under the HBP must be repaid over a 15-year period, starting the second year following the year of the withdrawal.
Using An RRSP Loan To Grow Your Down Payment
There’s also a little-known way to use an RRSP loan to dramatically increase the size of your down payment, especially if you have little down payment saved right now.
Learn exactly how the Federal Government’s program works and what steps you need to take in order to grow your down payment in a big way by downloading our free report.
Get the Free Government Money Report here.