Saving for a down payment is often the biggest challenge for buyers entering the Calgary real estate market, but many people don’t realize there are several ways to make it happen.
💰 RRSP Home Buyers’ Plan
First-time buyers in Canada can withdraw up to $60,000 from their RRSP tax-free to use toward a down payment. Couples could potentially access $120,000 combined, with repayment spread over 15 years.
📈 First Home Savings Account (FHSA)
This newer program allows you to contribute up to $8,000 per year, up to $40,000 total. Contributions are tax-deductible, and withdrawals for a home purchase are completely tax-free.
🏦 Borrowed Down Payment
In some cases, buyers can use a line of credit, personal loan, or borrowed funds for a down payment if they still qualify under mortgage lending guidelines.
👨👩👧 Gifted Down Payment
Many buyers receive help from family. Most lenders allow gifted funds from parents or relatives, provided the money is documented as a gift.
💵 TFSA Savings
Money saved in a Tax-Free Savings Account can be withdrawn anytime and used toward a down payment with no tax consequences.
Many buyers combine savings, RRSP funds, FHSA contributions, or family assistance to reach their goal faster.
Thinking about buying a home in Calgary but not sure how to build your down payment?
📲 Reach out anytime and I’d be happy to walk you through your options.
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