As a first time home buyer, there are programs available to help you take the first step:
The Home Buyers’ Plan (HBP) is a program that allows you to withdraw funds from your registered retirement savings plan (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. You can withdraw up to $25,000 in a calendar year.
Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP, or they may not be deductible for any year.
Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You will have to repay an amount to your RRSPs each year until your HBP balance is zero. If you do not repay the amount due for a year, it will have to be included in your income for that year.
– Source: Canada Revenue Agency
For the province of Ontario, beginning January 1, 2017, first ‑time purchasers of homes greater than $368,000 would receive a maximum refund of $4,000.
For the City of Toronto, for conveyances and dispositions of beneficial interest in land of an eligible home on or after March 1, 2017, and a rebate of up to $4,475.00.