When buying a house, please make sure that you have an appreciation of the costs that come with it. A lot of first time buyers do not appreciate the additional costs that can come with buying a home. So please note, when buying a house, factor in the provincial transfer tax which is One percent of either the assessed value of the home or the purchase price, whichever is higher. There are also registration costs, legal fees, HST and disbursements (photocopies, etc.) which you will be asked to bring to your lawyer before the transaction occurs.

If this is your first time buying a house, the government allows you to withdraw up to a maximum of 25,000$ from your RRSP tax free, for a down payment, with the condition that the monies be put back towards your RRSP within a period of 17 years (repayment must begin following a 2 year grace period subsequent to the withdrawal).

Speak to your lawyer and banker long before the closing of your transaction so you can be properly advised.