How I used the HOME BUYERS PLAN to buy a condo (first-time home buyer)

[@LivinginCanada]

Important update: The HBP withdrawal limit has been increased from previously $35,000 to $60,000, for withdrawals made after April 16, 2024. Note that these limits change from time to time so it's always best to check the official canada.ca website for updates (canada.ca -> then type in 'HBP', cheers!

[@MiraiSaesang]

Fyi YOU CAN WITHDRAW FROM GROUP RRSP FOR HBP - You scared me for a moment there! 😅 I'm currently in the middle of finalizing an offer and my remaining down payment is in a group rrsp, so did my research and called my bank to confirm and yes, you can withdraw from a group rrsp for first home purchase. What the CRA website meant is that you can ONLY withdraw from a group rrsp with the home buyer's plan, you would not be able to normally withdraw these funds otherwise - HBP is the exception and only way to access locked in RRSP funds like group rrsps

[@sirraymondluxuryyacht8131]

Great info. About owning your own home: I've always maintained that where property taxes exist, you never really OWN the home. If they government can take your home and sell it if you can't afford the property taxes, then you're just renting. E.g. In Vancouver, I know of older people who had to sell the home they grew up in, and move because the insane property values drove property prices up, and thus property taxes... You can't afford high property taxes on a basic pension. That's just my own stance on it.

[@jacquelinesavoie6879]

Helpful and informative, thank you! I was curious how long it might take to withdraw from RRSP when our time comes, glad I came across your video!

[@LivinginCanada]

Thanks! I don't remember exactly, but it was within a week that we got our funds!

[@mohsinhaider1314]

Really great video, it really helped me about HBP. Thank you very much for such video

[@Hds.Incorporated]

Loved the details. You;re great at this. Lovely as always!

[@LivinginCanada]

Great to hear that, thanks for your feedback!

[@auraclegaming]

This video is informative. Thank you so much!

[@stelazukhbaia9286]

Hello, can you confirm whether owning a home abroad (outside Canada) disqualifies you from being considered a First Home Buyer in Canada? My understanding is that the eligibility criteria involve not owning a home in Canada for the past four years, rather than considering ownership abroad. Am I mistaken?

[@Family5guy]

Great informative video, thanks

[@temsujamir863]

How much have u paid for your home? What BHK is it?

[@LivinginCanada]

It's a studio apartment in the high 400s!

[@temsujamir863]

@@LivinginCanada 400k Canadaian dollar?

[@LivinginCanada]

yes, high C$400s!

[@patricksullivan4396]

HOw many square feet? @@LivinginCanada

[@LivinginCanada]

Under 500 sqft!

[@hieutrung1]

If I'm buying a home, can I use HBP for down payment and also later for mortgage?

[@robertrobert88887]

@LivinginCanada do some video about christmas decorations in Toronto, do people really decorate their whole houses?

[@LivinginCanada]

That sounds like a very visually appealing video! I haven't had the time to decorate my place at all, except for a few table decorations.. but I'll keep that idea in mind for the future, thanks!

[@robertrobert88887]

@@LivinginCanada I was thinking more about decoration in the city plus decoration outside on homes

[@ua_andrew_ca]

I'm just curious, is it possible to buy a condo or an apartment in Ontario for a single person with a $65-90k annual income? 🤔

[@LivinginCanada]

In general, yes, but your options would be more limited as you can borrow less money compared to someone who makes more. However, if you can come up with a higher DP, then of course that opens up your options as you need to borrow less money.

[@СветланаЛешёнок]

What should you do if you want to leave the country? What about this 35000 ? Do you have to give it back? Originally it was yours savings. Do you have to pay only taxes for it?

[@LivinginCanada]

Yes you have to pay it back, it's like a loan from yourself.

[@offnl_]

Can HBP or FHSA be used if I'm buying a house with someone who used to own a home?

[@rosa7181able]

Does tge life lease condo qualify to use HBP?

[@soccerchick1]

F condo living. Paying extra to live under someone else’s rules. Makes no sense.

[@LivinginCanada]

Makes sense if it fits into one's budget!

[@soccerchick1]

@@LivinginCanada my grandmother lived in a condo for awhile, got in trouble with the board for numerous things, including planting flowers!!! They weren’t on the approved flowers list smh they were my grandfather’s favourite and in his memory smh. All these things eventually led to her selling it. I know soooo many people who have issues with the rules and boards in condo buildings. It’s just ridiculous for how much you pay. It’s YOURS.

[@soccerchick1]

@@LivinginCanada better off paying less in the meantime renting and saving for a house imo!! Less rules and restrictions!!!

[@LivinginCanada]

That's an option too, but with current rents (unless one still gets the old rent without increases). But yes, thinking about that in the long-term!

[@soccerchick1]

@@LivinginCanada being grandfathered into the old rent control system is a whole other world lmao I wish!!!

[@snake1324]

the worst review ever! You all know how to fill it out😁