With the amazingly low interest rates and all the product either on or coming on the market this Spring, A first time home buyer should have a fighting chance.  There is a lot of product in the range of $300,000 to $425,000.  When you purchase a property that is $425,000 or less as a first time buyer you can be exempt from the property transfer tax.

This is a significant chunk of change that the bank won't finance.  For instance on a $400,000 unit the property transfer tax would be $6,000.  There are rules that apply click here to learn about property transfer tax.