Deposit on a Property If Down payment in RRSP
HI everyone,
We are first-time home buyers, and we saved for down payment on our RRSPs. Now, that we are ready to start searching, we figured that there's a problem - When making an offer, we are supposed to provide a deposit, that will be used towards the down payment, and usually it's expected to be a good chunk of cash. We only have about 7K-10K in our bank account for closing costs, everything else is in RRSP, and we can't withdraw this money unless we already have an agreement to purchase. Has anyone been in a situation like this? What did you do?
P.S. we are buying in the GTA, purchase price would be about 500K, which means a really good chunk of money is expected as a deposit.
We are first-time home buyers, and we saved for down payment on our RRSPs. Now, that we are ready to start searching, we figured that there's a problem - When making an offer, we are supposed to provide a deposit, that will be used towards the down payment, and usually it's expected to be a good chunk of cash. We only have about 7K-10K in our bank account for closing costs, everything else is in RRSP, and we can't withdraw this money unless we already have an agreement to purchase. Has anyone been in a situation like this? What did you do?
P.S. we are buying in the GTA, purchase price would be about 500K, which means a really good chunk of money is expected as a deposit.