The Home Buyers' Plan permits an RRSP withdrawal of up to $60,000 toward a down payment, repayable over 15 years, and the First Home Savings Account lets a buyer contribute up to $8,000 annually to a $40,000 lifetime cap and withdraw it tax free. Below 20 percent down, Canada Mortgage and Housing Corporation insurance rules apply, and the minimum itself is 5 percent up to $500,000.
Confederation Park is an established, moderately priced neighbourhood, and first-time buyers there are often competing against move-up buyers looking for the same value rather than against other first-time purchasers exclusively, which changes how aggressively an offer needs to be structured.
Knowing who else is bidding in Confederation Park matters as much as knowing the programs themselves. Get your hand-reviewed valuation from Joel Dyck.