Homebuyer’s Guide for First-Time Purchasers

This guide serves as a comprehensive resource for individuals preparing to purchase their first home. It outlines essential steps in the home buying process, including budgeting, selecting a home, understanding agreements of sale, and navigating mortgage financing and insurance. The document details the requirements for down payments based on property price ranges and discusses mortgage insurance options. It also explains the Home Buyer's Plan (HBP), which allows first-time buyers to withdraw funds from their RRSPs without tax penalties, and the First-Time Home Buyers' Tax Credit. Additionally, the guide addresses closing costs and other financial considerations, such as inspection and appraisal fees, legal expenses, and land transfer taxes. It emphasizes the importance of thorough preparation and provides tools like worksheets and checklists to assist potential buyers in making informed decisions throughout the home purchasing journey.