What exactly is a seller's market? It is simply when the number of available properties for sale is drastically lower than the number of buyers looking for a home. As you can imagine, this situation can lead to buyers fighting over one particular property and ultimately driving up the prices.

Like me, you may be wondering what is causing the seller's market this spring. Below are some of my musings and it mostly has to do with more buyer's in the market!

  • The spring in general always brings out more buyers
  • You may remember putting off your fence or deck project last summer due to the seemingly insane price of lumber at your local building centre. Builders were also feeling the squeeze and the number of new housing starts last spring reduced…

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Using Your RRSPs to Purchase a Home

When looking at purchasing or building a home, the biggest worry for buyer's is where to find the money for a down payment. A 20% down payment of the purchase price of the home is typically required. If 20% is not feasible, a 5% option is available. At 5%, you are required to have mortgage insurance through CMHC in order to qualify.

Regardless of the down payment percentage, the Government of Canada allows home buyers to use their RRSPs to purchase a home. There is no penalty for making this withdrawal. This government program is called Home Buyer’s Plan (HBP).

Before you make a withdrawal, the following conditions must be met:

1) You must be a resident of Canada.
2) The maximum amount for withdrawal is…

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