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Ottawa is an excellent market. You can use your RRSPs to purchase a home and take 15 years to pay yourself back (interest free and tax free). You can also use a "gift letter" from a family member to help with the downpayment. There are rules and regulations of course but it's much better than paying rent!
When you own a home of your own you have more borrowing power. Bank and mortgage brokers look at you from a totally different angle. If your credit score is good you can borrrow on the equity of the home. Gone will be the days of paying high interest rates on car loans, visa credit cards and retail interest. You have to pay the money back of course but why not enjoy the lower interest rates.
Some people are able to purchase that much dreamed about cottage or investment property based on their home equity.
I love to be part of making your dreams come true! Please contact me and let's make it all happen!
Keller Williams Integrity, Brokerage