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Braden White Weighs in on First-Time Home Buyers and How They Can Make the Initial Down Payment

Braden White (, a Toronto luxury real estate sales representative with Chestnut Park Real Estate Ltd., is weighing in on first-time home buyers about how they can make their initial down payment on a property.

“The down payment is the first big hurdle, the rite of passage towards owning that first home,” says Braden White. “The good news is that the government provides several programs to help overcome this challenge and let people make what is most likely the biggest purchase of their lives up to this point.”

Programs for first-time homebuyers include the Home Buyers Plan (HBP), which permits the withdrawal of up to $25,000 from a person’s Registered Retirement Savings Plan to build or buy a qualifying home. Using the HBP requires a written agreement to purchase and live on the property within a year, but couples buying together can each make their own withdrawals for a combined benefit. (Source: “What is the Home Buyers’ Plan?” Canada Revenue Agency web site;, last accessed November 18, 2015.)

In cases where the down payment is below 20% of the home’s value, there are also certain mortgage insurance plans that can be taken advantage of. This helps mitigate overall costs and ease entry into the real estate market.

“The increased cost of homes across the Greater Toronto Area has impeded many potential home buyers,” White concludes. “That makes programs such as this and the HBP increasingly valuable both to new entrants and repeat buyers.”

Braden White is a licensed real estate agent with Chestnut Park Real Estate Ltd., the exclusive affiliate of Christie’s International Real Estate in Toronto. He works to find ideal and affordable housing and rental options and aids sellers, buyers, and renters. To contact Braden White, call 416-925-9191 or visit