Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

What first-time buyer programs work in Lakeridge?

The same two federal programs apply in Lakeridge as anywhere else in Saskatoon: the Home Buyers' Plan, which lets you withdraw up to $60,000 from an RRSP toward a down payment, and the First Home Savings Account, which shelters up to $8,000 a year to a $40,000 lifetime limit for the same purpose. The Canada Revenue Agency administers both.

Neither program changes the minimum down payment rule, 5 percent on the first $500,000 of the purchase price and 10 percent above that, but both change where the cash comes from and let it grow tax-sheltered while you save.

A household buying together can combine both spouses' Home Buyers' Plan withdrawals and both FHSA accounts, which raises what you can put down before crossing the 20 percent threshold where CMHC, Sagen or Canada Guaranty insurance is required.

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