Real Estate 101 - RRSP Home Buyers' Plan

Dated: 02/28/2017

Views: 16

It’s tax season and Canadians are thinking about investing some of their hard-earned money into their Registered Retirement Savings Plans (RRSP). I’ve put together this quick blog post today to let you know how you can use your RRSP savings to help you buy your first home.

One of the biggest hurdles that first time home buyers face is coming up with the funds for a down payment. Many Canadians are unaware that they can access the savings in their RRSP to put towards the down payment on their first home.

Here are the basics you need to know:

  • Up to $25,000 can be borrowed from your RRSP to put towards a down payment
  • Your partner can borrow an additional $25,000 from their RRSP for a combined total of up to $50,000
  • The funds need to be repaid to your RRSP within 15 years of borrowing

For more detailed information on the program check out the video below and this post that was put together by the folks over at Rate Hub ->



Alternatively, this is something that your Mortgage Broker can help you with when you apply for mortgage pre-qualification. If you need help finding a Mortgage Broker then please get in touch and I can refer you to some fantastic professionals that I work with in Vancouver.

Chris Lambert | 604.340.6457 | | |

Twitter Linkedin IG3 Facebook

Blog author image

Chris Lambert

Hi, I’m Chris. I help people like you to buy, sell, and invest in real estate throughout beautiful British Columbia. I love what I do, and I’d love to help you too. I'm an experienced and hard w....

Latest Blog Posts

Market Update February 2020

**Click image above to view my February 2020 market update**Vancouver real estate sales are picking up steam as we move towards the busy Spring market. The Real Estate Board of Greater

Read More

Are You Planning to Sell Your Home in 2020?

--The busy Spring market has arrived! We’re facing a shortage of inventory as we deal with the pent up demand from buyers that were sitting on the sidelines through most of 2019. The last

Read More

January 2020 Real Estate Market Statistics

Home sale and price activity remained steady in Metro Vancouver to start 2020 while home listing activity declined in January. The Real Estate Board of Greater Vancouver (REBGV) reports that

Read More

Property Taxes, Assessments, and Grants - December 2019 Update

*This article was originally posted on January 11, 2017. It has been updated to reflect current dates and new policies.It's that time of year again! BC Assessment will be sending out their updated

Read More