Here's some information that you may find helpful when making your decision of becoming a first time home buyer.

Own a Home for Only 5% Down

Canadians can now own a home for only 5% down! This plan set out by the National Housing Act allows first-time home buyers  who have not owned a home at any time during the past 5 years to purchase a home with 5% down. Under this plan, called the  First Home Loan Insurance (FHLI) program, qualified buyers have their principal residence mortgages insured by the Canada  Mortgage and Housing Corporation (CMHC) for a premium. To date, this plan has allowed a large number of home purchases to  take place. As well, by allowing only 5% down, purchasers with additional funds have been able to use these instead towards  upgrades and improvements on their new homes!

RRSP Home Buyers' Plan

nother government plan that has aided in making home ownership a reality for many Canadian residents is the RRSP Home  Buyers' Plan. This plan allows eligible taxpayers who are purchasing a qualifying home to withdraw tax free amounts from their  RRSP. The home must be intended as a principal residence. The withdrawn amount is paid back over 15 years, with the buyer  receiving a statement from the government each year showing the amount repaid to date, the balance repayable and next year's  payment requirement. Consult your financial institution and Revenue Canada for more information.   

Land Transfer Tax Refund

The Land Transfer Tax Refund Program is available for a limited time. To qualify for this refund, you (and your spouse) must be a  first-time buyer who has never received an OHOSP-based refund of land transfer tax. You must be buying a newly built home in  Ontario.

The amount of the refund will be the entire amount of the tax paid or payable, up to a maximum of $1,725 (house price $200,000).  If you own less than 100% interest in the new home, the amount will be reduced and calculated according to the amount of  interest in the home.

You can receive a same day refund of the land transfer tax by filing an affidavit for refund at the land registry office at the time of  registration.