The Canadian Real Estate Association (CREA) reports that Leader of the Liberal Party of Canada Justin Trudeau has pledge to modernize the Home Buyer’s Plan (HBP) if elected, by enabling Canadians impacted by significant life changes to access the program and use money from their Registered Retirement Savings Plan (RRSPs) to buy a house without tax penalty.
The HBP is a REALTOR®-driven initiative, introduced by the government as a short-term stimulus measure in 1992 and made a permanent program in 1994. 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 RRSPs to purchase a home.
For more information on the Liberal Party of Canada’s announcement, please review the Affordable Housing for Canadians backgrounder on the party’s website.
For more information on CREA’s proposal on this topic, please review CREA’s Support Canadian Workers Through Job Relocation infographic on REALTOR Link®.
Since when is RAHB promoting Liberal, or any other political party for that matter. I resent this 4 days before an election.
Last month the Conservatives plan to increase the limit of the Home Buyers’ Plan was highlighted. This isn’t an endorsement, just highlighting promises related to issues REALTORS have been fighting for for a while.