Due to the increase in interest rates, housing prices, and inflation, most Canadian millennials have delayed buying homes. Research from the real estate agency Zoocasa has shown that 67% of the 1600 people surveyed have postponed their plans to buy a home in the current economic conditions.
However, the First Home Savings Account (FHSA) program, introduced by Ottawa in April, is beneficial for those who aim to save for a down payment, and so far, 150,000 Canadians have registered for it. According to experts, the FHSA program can bring Canadians closer to homeownership, and they can open an account until the end of the year. You can increase the amount and, if you buy a home, make a tax-free withdrawal.
To open an FHSA, you must be between the ages of 18 and 71 and be a Canadian citizen. You can contribute up to $8,000 annually, which is tax-deductible, and it has a maximum limit of $40,000. This account can remain open for up to 15 years, and you can withdraw funds tax-free for the purchase of your first home. Most banks and financial institutions now offer them. According to the Canadian Department of Finance, over 150,000 Canadians have opened these accounts, so if you have plans to buy a home in the future, the FHSA program is worth considering.
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