Home Buyers Plan (HBP)

The Home Buyers' Plan is a federal government program that allows eligible first-time homebuyers to withdraw up to $35,000 from an individual's RRSP savings, tax free, to buy, build or maintain a qualifying home. So, what’s the catch? To avoid paying income tax on the funds, you must repay the full amount you withdraw from your RRSP over the next 15 years.

You are considered an eligible first-time home buyer if, in the four years prior to your home purchase you did not live in a home that you owned, or one that your current spouse or common-law partner owned.

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About The Author

Don Scott

Don Scott is the founder of a challenger mortgage brokerage that is focused on improving access to mortgages. We can eliminate traditional biases and market restrictions through the use of technology to deliver a mortgage experience focused on the customer. Frankly, getting a mortgage doesn't have to be stressful.

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Managing Uncertainty in Today’s Mortgage Market

By Don Scott • May 27, 2025

Feeling hesitant about entering the housing market today due to political or economic uncertainty is understandable. The landscape can seem unpredictable—interest rates shift, housing supply fluctuates, tariff news hits the headlines and policies change. As a mortgage broker, we see this uncertainty every day. But here’s the truth: while there is much beyond your control, mastering the factors that you can control is what will make the biggest difference in your journey to homeownership.