One real estate salesperson recently is quoted as being of the view that “mortgage rates are stupidly low.” That is something of an understatement. Latest figures show variable mortgages at 3.30% – and that's the posted rate. For first time buyers it's hard to imagine a better time to take the real estate plunge. Because on top of cheap money governments are just dying to give you some financial help. If you qualify, the Feds offer a $750 tax credit to help with closing costs. In addition you can now withdraw up to $25,000 from an RRSP under the Home Buyers Plan, up from $20,000. And first-time buyers in Toronto buying property of $400,000 or less will receive a max. of $3,725 on Land Transfer Tax. Oh happy days!