First Time Buyer

Financial Programs

There are several programs in Ontario, which are designed to help make the process of buying your first home easier.

• Land Transfer Tax Rebate – www.rev.gov.on.ca/en/refund/newhome/index.html
• CMHC – Mortgage Insurance –www.cmhc.ca
• RRSP Home Buyer’s Plan – www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html

Buying vs. Renting

In today’s economy, many people are choosing to buy a home rather than rent. In some cases, you can purchase a home or condominium with as little as 5% down. When determining your ability to rent or buy, you will need to review your budget in terms of your net monthly income and your monthly expenses, i.e. rent vs mortgage payments, realty taxes, etc. Many financial institutions have interactive programs on their websites to assist you in determining how much you can afford. Check out any of these links.

• CIBC – www.cibc.com/ca/mortgages/index.html
• TD Canada Trust – www.tdcanadatrust.com/mortgages/index.jsp
• CMHC – www.cmhc-schl.gc.ca/en/co/buho/buho_005.cfm