Lower interest rates and mortgage rule changes in Canada make home buying more accessible for first-time buyers. The First Home Savings Account (FHSA) allows tax-free savings up to $40,000 for a down payment, with contributions deductible and withdrawals tax-free if used for a first home. Buyers can combine FHSA with the Home Buyers Plan to access up to $60,000 tax-free from RRSPs, easing affordability.
Continue to full article