The Federal Government has assistance programs to help homebuyers. Research government program requirements to see if you are eligible!
1. First Time Home Buyers Tax Credit - a $5000 non-refundable income tax credit on a qualifying home. The credit provides up to $750 in tax relief to assist first time buyers with purchase costs. Check the Canada Revenue Agency's (CRA) website: www.cra-arc.gc.ca
2. Home Buyers' Plan - a one-time withdrawal up to $25,000 from a Registered Retirement Savings Plan (RRSP) by first time buyers to help purchase or build a home. Generally you have to repay all withdrawals from your RRSP within 15 years. For more details, visit CRA's website: www.cra-arc.gc.ca
3. CMHC Green Home Program - when you CMHC-insured financing to buy or build an energy efficient home or make energy-saving renovations, you may qualify for a premium refund of 10% on your mortgage default insurance and a premium refund for a longer amortization period (if applicable). Check out CMHC's website: www.cmhc.ca
Government programs can change over time. For the most up-to-date information, refer to Service Canada's website: