Canada strikes back at Trump, and condo buyers will pay the price

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New Source of Financing Down Payments The Canadian Real Estate Association is lobbying the federal government to allow parents to borrow from their registered retirement savings accounts (RRSP) to help finance their children’s down payments. CREA, with more than 100,000 agents, brokers and salespeople, has made a 2018 pre-budget submission proposing changes to the Home Buyers’ Plan (HBP). The Home Buyers’ Plan (HBP) currently allows a first-time buyer to withdraw up to $25,000 from an RRSP account to help purchase or build a home, the CREA wants to expand the program so that parents can withdraw from their RRSPs for their children to help purchase a home. Under the plan both parents would be eligible to take funds from their accounts, the CREA would also like to raise the maximum withdrawal limit to $35,000. The government requires that RRSP withdrawals are paid back within 15 years. Family already plays a big role in financing first-time buyers. A survey by Genworth Canad...
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