First-time buyer programs add more room on top of that down payment rule. The Home Buyers' Plan allows a withdrawal of up to $60,000 from an RRSP, and the FHSA allows up to $8,000 a year to a $40,000 lifetime limit, both of which can go toward a Confederation Park purchase.
Condition and any secondary suite's permit status still move a specific property away from the citywide benchmark in either direction, and a $400 to $600 home inspection is worth budgeting into a first purchase the same as any other, since it is the one number in the process you actually control.
Joel Dyck can walk a first-time buyer through what a specific Confederation Park property is realistically worth. Get your hand-reviewed valuation from Joel Dyck.