The First Time Home Buyer's Plan is a program that allows a first time buyer in Toronto to withdraw up to $25K in a calendar year from their RRSP on a tax free basis to buy or construct a home. A married couple can withdraw up to $50K. These amounts withdrawn must be repaid within a certain time frame. Despite this, the program can be beneficial for home buyers who need equity for a downpayment.
125 Omni Drive is on my list of recommended condominiums in Scarborough. It offers very good value for money & is centrally located in an area close to TTC subway, highway 401 & superb shops & restaurants. If you see a Scarborough MLS listing of one of these units I recommend visiting the building. You can read more about this excellent building here.
There are several older condos in the Scarborough neighbourhood. There are benefits to buying a unit in one of these buildings - benefits which some buyers overlook. Space is one advantage. Lower per sq ft maintenance fees are another. A review of the pros and cons is included in this post.