There are still numerous factors favouring first-time buyers shopping for an affordable home. Visitors will be amazed by the number and range of condos, new houses and living environments they can afford – units that can sometimes teach their more luxurious counterparts a thing or two about design and quality.
Those looking to purchase their first residential property may avail themselves of government-offered financial resources, such as the Canada Mortgage and Housing Corporation’s (CMHC) first-time homebuyer incentive, or draw from their RRSP while saving on taxes thanks to the HBP and use that sum toward a down payment. The CMHC also offers mortgage loan insurance, and some cities, including Montreal, operate programs that can provide additional assistance.