First-time home buyer

Gina Clark
Thursday, January 23, 2025
First-time home buyer


To qualify for the Home Buyers' Plan (HBP), a buyer must: be a Canadian resident, be considered a first-time home buyer, have a written agreement to purchase or build a qualifying home in Canada, and intend to occupy the home as their principal residence within one year of purchase; essentially meaning they cannot have owned a primary residence within the past four years and must use the purchased home as their primary residence. ???????
  • First-time home buyer: This is the primary requirement, meaning you cannot have owned a principal residence within the last four years. 
  • Canadian residency: You must be a resident of Canada at the time of withdrawal and throughout the home buying process. 
  • Written agreement: You need a signed contract to purchase or build a qualifying home. 
  • Principal residence: The purchased property must be intended as your primary place of residence. 
  • Withdrawal limits: There is a maximum withdrawal amount that can be taken from your RRSP under the HBP. 
  • Repayment period: You must repay the withdrawn amount within 15 years. 


 


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