First Time Buyer

Buying A New Home

For most people buying a home is the single biggest investment they will ever make. So before you make this important decision it is essential to gather as much information as possible. The following information is designed to help with your decision.


There is a popular saying that the 3 most important things to consider when buying a house are location, location, and location!

Some points to consider:

  • Are there schools close by?
  • What sort of recreational facilities are there?
  • Is public transportation available?
  • Is it convenient for shopping?
  • Is there health care nearby?
  • How far do you have to travel to work?


Another very important thing to consider when buying a new home is its size. Is it big enough to take care of your current needs and will it be large enough as your family grows? How many bedrooms and bathrooms do you need, is the kitchen big enough, is there a play area, do you need room for a home office? How is the space laid out? Does it allow for the free flow of kids and adults throughout the house?

Every OXNARD project is architecturally designed to make the most practical use of space and flow.


Once you have determined the size of house you need and its location you need to analyze the financial costs:

  • How much do you have for a down payment?
  • What are the closing costs, including legal and moving?
  • How much will the monthly payments be (include mortgage payment, taxes, insurance, and utilities)?

RRSP Funds

With the Federal Government’s Home Buyers’ Plan you and your partner may be eligible to withdraw up to $25,000 each ($50,000 for a couple) from your RRSP savings to help finance your down payment on a home. You must be a first time home buyer and you must pay the money back to the RRSP over a period of up to 15 years. For complete information speak to your bank, or call the Canada Customs and Revenue Agency at 1 800 959 8281.

CMHC Mortgage Insurance

Many first time buyers have difficulty accumulating sufficient capital for a down payment on a home. The federal and provincial governments have adopted a variety of programs to help with this process. Speak to your bank for further information. Visit CMHC Mortgage Insurance

Land Transfer Tax Refund

Beginning January 1, 2017, no land transfer tax would be payable by qualifying first-time purchasers on the first $368,000 of the value of the consideration for eligible homes.  First-time purchasers of homes greater than $368,000 would receive a maximum refund of $4,000. Contact the Ontario Ministry of Finance 1 800 263 7965.

Further Information

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