For many first-time homebuyers, that down payment is one of the big obstacles to home ownership. Saving up cash – especially if you're paying rent, paying down student loans, and trying to live a life – can be slow and difficult work.

In most cases, you'll need to save up at least 5% of the purchase price of your home. But there are some programs and tips we can offer to give your down payment a boost – to get you into your home faster:

1. Home Buyers' Plan (HBP) lets first-time homebuyers withdraw up to $25,000 each (or $50,000 for a couple) tax-free from their RRSPs. You'll need to pay those funds back, of course, on a repayment plan.

2. A financial gift from a parent or blood relative can be used as a down payment. This cannot be a private debt; you'll need to document in writing that the funds are a gift and you are not required to pay the money back at any time.

3. Start small. If your dream home is out of reach, look for a starter home. Use today's low interest rates to start hammering down your first mortgage, then watch for the opportunity to get the home of your dreams – using the equity and credit rating you've been building!

To discuss this, any other Real Estate items, or just to say hi please call me at 780-908-1224.