As part of his election platform, Prime Minister Steven Harper announced his intention to increase the Home Buyers’ Plan (HBP) withdrawal limit from $25,000 to $35,000.
Since its inception in 1992, the HBP has helped 2.8 million Canadians to purchase their first home. Over the 23 years the program has been in place, however, the purchasing power of the HBP has been steadily eroded by inflation. CREA, through it’s annual PAC meetings with MPs, has lobbied for an increase to the withdrawal limit.