Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Housing and interest rate forecasts for 2025 Dec 30th
As we reflect on 2024, it was a year of resilience and adjustment for Canada’s housing and mortgage market, marked by the Bank of Canada’s pivot to rate cuts after two years of relentless hikes, offering long-awaited relief to borrowers..... More »
BMO reinstates OSFI’s stress test for uninsured mortgage switches + MORE Dec 21st
The excitement over last month’s removal of the stress test for uninsured mortgage switches may have been short-lived—at least for some bank customers..... More »
Invest or pay off debt: A comprehensive guide for Canadians + MORE Jan 17th
Your net worth is calculated by taking your assets and subtracting your liabilities. Both investing and repaying debt can boost your net worth as a result. The question is: which is better? In our guide about paying off debt versus investing, we cover the options from a number of different perspecti.... More »
New year, better mortgage rates: Credit tips to get you there + MORE Jan 5th
As we step into a new year, it’s a great time to reassess your financial habits and ensure your credit profile is in top shape..... More »
60% of Canadian mortgage renewals to face higher rates by 2026: BoC Jan 14th
Despite interest rates having fallen materially in 2024, recent data show that many Canadian homeowners could still face payment shocks when their mortgages renew..... More »
Buying a home in Canada hasn’t been easy in recent years, but thanks to recent changes to mortgage rules, falling interest rates and more cuts expected in the months ahead, many prospective home owners are feeling freshly optimistic. It all starts with a down payment, though—and the bigger, the better. If you’re thinking about buying your first home in the next few years, consider opening a first home savings account (FHSA) by December 31. Even if you don’t plan to start contributing this year, opening the account now gives you more room to save in 2025.
Here’s what you need to know about using this account, including the FHSA contribution limit and deadline, how to open an FHSA account online and why it might even make sense to open one if you’re undecided about home ownership and debating your decision.
What is a first home savings account (FHSA)?
The FHSA is a tax-free registered savings account that was introduced in April 2023. Designed to help first-time buyers save up for a down payment and get into the housing market sooner, the FHSA allows account holders to contribute up to $8,000 per year, up to a lifetime FHSA limit of $40,000 (or twice that amount if you’re part of a couple and you’re both first-time home buyers)…
