First\u002Dtime buyers can open a first home savings account (FHSA) as of April.
Initially, the federal government said the FHSA could not be combined with the Home-Buyers Plan, which lets people borrow from their RRSP to finance a home purchase. This has since changed and taxpayers have been assured they can use both programs in combination.Is there a catch? Not really, but there are specific rules to follow. To use the FHSA, you must be 18 years of age and can’t have owned a home within the past four years.
It’s important to note that the maximum amount you can pay into the FHSA in any year is $16,000. This includes $8,000 from the current year and $8,000 of the unused from the year prior. The housing affordability index illustrates how difficult it is to afford a home by measuring housing-related costs relative to average household disposable income. It has been around 45 to 50 per cent recently — far higher than previous years.
A recent survey found that 25 per cent of first-time buyers relied on help from parents or relatives with their monthly mortgage payments. Thirty-five per cent needed help with their down payment.
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