The new budjet is encouraging first time home buyers to buy.

First time buyers can be eligible for money back on closing costs.

A credit of up to $750 to cover closing costs, such as legal fees, title insurance and deed transfer taxes. This credit covers 15 per cent of eligible closing costs, up to a maximum of $5,000.

As well, the amount first-time buyers can withdraw from their RRSPs for a down payment has been increased from $20,000 to $25,000, the first major change to the RRSP homebuyers plan since it was introduced in 1992.

 

-Tara Devereaux

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