Because Riversdale mixes older, unrenovated housing stock with recently redeveloped properties, buyers here often stack these programs with a lower purchase price than in newer suburbs, which can stretch the same down payment further. The minimum down payment rule, 5 percent on the first $500,000 of the price, applies the same way regardless of neighbourhood.
None of these programs are grants in the sense of free money. The Home Buyers' Plan is a loan from your own retirement savings that must be repaid over 15 years, and the FHSA is a savings vehicle with a tax benefit, not a cash payment.
A mortgage broker can confirm which combination fits your specific down payment gap before you make an offer on a Riversdale property.
Get your hand-reviewed valuation from Joel Dyck.