Buying A Home
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Ontario, Canada First Time Home Buyer

doeydodoeydo member
100 Love Its 100 Comments Second Anniversary Name Dropper
edited December 2013 in Buying A Home
My FI and I are living common-law in an apartment right now.  Neither of us have RRSPs (you can withdraw from them for a house via the Home Buyer's Plan  One of my FI's friends purchased a house with some sort of grant where the down payment was basically paid by some sort of program and all they have to do is the mortgage, I think.  Would it be the Home Buyer's Plan that that was?  Anything else to help first time home buyers?  

Re: Ontario, Canada First Time Home Buyer

  • California (US) has something like this called CHDAP but I can't find anything for Canada.  I would just go ask a mortgage company.  They should be able to provide you with options.
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  • Beads921Beads921 member
    Fourth Anniversary 100 Comments
    edited January 2014
    I've never heard of such a thing in Ontario. And, even if you were to borrow from your RRSPs, that money has to be paid back (which it says in the link you posted), so that doesn't sound quite like what you're talking about either. You should probably make an appointment with your financial advisor and/or a mortgage broker to chat about this and get a realistic idea of what you can afford. There's a lot more to home ownership than a mortgage. 
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  • We just bought our first home last year, I've never heard of anything like that in Ontario.

    I know that some states have those types of grants.

    If you find out, please let us know!
  • I'm not sure what the name of the program is but when they were developing an area near me the government offered grants to homebuyers from a rough neighbourhood to intice them to move in to the newer area. Needless to say the newer naighbourhood is now one of the leas desirable neighbourhoods in the city. I wouold be wary of some of these programs after seeing this development unfold as you never know who your neighbours will be.
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