The Canada Mortgage and Housing Corporation sets the insurance rules that govern most of these purchases, and the Canada Revenue Agency administers both the tax credits and the registered accounts. The Home Buyers' Plan allows a withdrawal of up to $60,000 per person from an RRSP toward a down payment, repaid over 15 years. The First Home Savings Account lets you contribute up to $8,000 a year to a lifetime limit of $40,000, with the contribution deductible and the withdrawal tax free. The two tax credits arrive as a refund the following spring rather than as cash at closing, which catches some buyers out.
For a seller, these programs matter because first-time buyers are a significant part of the Saskatoon market. With the citywide benchmark at $444,700, a large share of the market sits inside the range these programs reach, which widens your buyer pool. Joel Dyck advises on pricing strategy that accounts for how buyers are actually financing.