There are many incentives to help
out the first-time buyer. There are now CMHC approved loans that
allow you to finance your purchase with only five-percent
Another option is the Home
Buyers Plan. (HBP) In short, it allows the first-time buyer to
withdraw from their RRSP funds up to $20,000 help with their
down payment. It is to be paid back over a fifteen-year period.
The Property Purchase Tax Exemption protects the first-time
buyer from paying the one percent on the first $200,000 and two
percent on the balance. The maximum purchase price in this
program for Greater Vancouver is $375,000.