With rising interest rates, home prices and inflation, a recent survey found most Canadian millennials have delayed buying a home.by real estate brokerage Zoocasa found 67 per cent of those 1,600 surveyed were currently or had recently put off the idea of home ownership in the current economic climate., introduced by Ottawa in April, could be beneficial for those trying to save for a down payment and 150,000 Canadians have already signed up.
To open a FHSA, you must be between 18 and 71 years of age and a Canadian citizen. You can make annual contributions of $8,000 that are tax deductible and there is a $40,000 lifetime limit. "You can stack this program with other programs that exist out there such as the home buyers plans where you can withdraw from your RRSPs,” said Aurora.
“That $40,000 or whatever you have accumulated can be transferred into an RRSP. So it's extra RRSP room you wouldn't normally have and that's great," said Jacks.“If you have not lived in a home, that you have owned or your common-law partner or spouse has owned in the past four years you are eligible as a first time home buyer," Aurora said.