The Canadian Real Estate Association (CREA) and the Durham Region Association of REALTORS® (DRAR) welcome the Prime Minister’s recent announcement that, if re-elected, the government proposes to increase the Home Buyers’ Plan (HBP) withdrawal limit. For the last five years, REALTORS® across the country, including the DRAR Political Affairs Committee, have urged the federal government to increase the withdrawal limit so the plan keeps pace with inflation. Last week Mr. Harper announced a significant increase to the HBP’s withdrawal limit from $25,000 to $35,000. This $10,000 increase will restore the purchasing power of the HBP and allow Canadians to build a secure financial future for themselves and their families.
The HBP was championed by REALTORS®, and introduced by government in 1992. Since its inception, over 2.8 million Canadian have used the HBP to help make home ownership more affordable. The program allows Canadians to borrow, on a repayable basis, from their own Registered Retirement Savings Plans (RRSPs) to purchase a home. The HBP is a unique program in that it provides first time home buyers a means to build home equity and save for retirement at the same time. However, the purchasing power of the HBP has been eroded by inflation.
This message courtesy of:
Nancy M. Shaw
Durham Region Association of REALTORS®