A recent survey by BMO Financial Group highlights that over half of potential first-time homebuyers in Canada are considering using the new first home savings account, despite a lack of knowledge about it.

This account, introduced by the federal government in April, is designed to aid homebuyers in saving for their first home in a challenging market. It combines elements of registered retirement savings plans and tax-free savings accounts, allowing investments in various securities.

Participants can contribute up to $8,000 annually, with a lifetime limit of $40,000.

Understanding this tool could be a game changer in your home-buying journey. Let's explore how this account can benefit you!

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source:  Michael Cowling /Photo: RBC