Mother, father and child reading a book at home

Achieve your homeownership dreams

Save for your first home with the First Home Savings Bundle.

  • 5.1% annual interest on an FHSA
  • Bonus rates on term deposits
  • New client welcome bonus of up to $450
  • Everyday banking essentials to fit your needs

Learn More

Use the Home Buyers’ Plan

If you have an RRSP, the Home Buyers’ Plan is an important option to keep in mind. It lets you withdraw up to $35,000 from your RRSP to put toward your down payment without having it considered as taxable income. The money you withdraw is considered a “loan” from your RRSP – you have to replace it within 15 years.

Start a First Home Savings Account (FHSA)

Introduced in 2023, the First Home Savings Account (FHSA) offers Canadian residents a tax-sheltered way to save for a first home purchase through a registered savings plan similar to the RRSP and TFSA. The plan allows up to $8,000 in annual tax-deductible contributions to a maximum $40,000 lifetime tax-deductible contribution limit over 15 years of tax-free savings.

Confirm if your parents are going to help out

Since you’d need to have saved $100,000 to have a 20% down payment on a $500,000 condo, that’s a lofty, and hard to achieve, goal. The vast majority of first-time buyers in Metro Vancouver are getting some help from parents – normally anywhere between 25%-50% of the down payment. If you do expect to have help from your parents, have them complete a gift letter for you and the lender’s records.

BlueShore Financial, Financial Advisor, Jatinder Tehara

Jatinder Tehara

Financial Advisor

Have a question or want to open an account?

Our expert advisors are here to help.

The information contained in this article/video was written by BlueShore Financial or one of our expert financial writers and was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. It is provided as a general source of information and should not be considered personal financial advice.