RRSP Home Buyers’ Plan Explained: A Smart Way to Buy Your First Home

Amelia Mcleod • June 17, 2026

Saving for a down payment is one of the biggest challenges first-time buyers face. What many don’t realize is that the Canadian government offers a program designed to make it easier—the Home Buyers’ Plan (HBP). This program allows you to withdraw money from your RRSP to help purchase your first home, without immediate tax consequences.


Here’s how it works:


Who Qualifies?

To be eligible, you generally need to be a first-time home buyer. In practical terms, this means you must not have owned a home in the past four years, nor lived in a property owned by your spouse or partner during that time.

There are also special allowances if you’re living with a disability or helping a relative with a disability. In these cases, you can use the HBP even if you’ve owned a home more recently.


How Much Can You Withdraw?

Under the program, you can access up to $35,000 from your RRSP as an individual. Couples can combine their withdrawals for a total of $70,000. These funds must have been in your RRSP for at least 90 days before you take them out.


Paying It Back

The HBP isn’t “free money”—it’s an interest-free loan from your own retirement savings. You’ll have 15 years to repay the full amount back into your RRSP, starting in the second year after withdrawal.


Each year, the CRA will send you an HBP Statement of Account outlining how much needs to be repaid. If you don’t make your repayment in a given year, that amount will be added to your taxable income.


Why It’s a Smart Strategy

The HBP can give first-time buyers a powerful boost toward homeownership. It helps you put together a larger down payment, which can reduce your mortgage amount and monthly payments. Just remember: it’s important to balance the short-term benefit of homeownership with the long-term impact on your retirement savings.


Next Steps

Thinking about using the Home Buyers’ Plan? Let’s sit down and review whether it’s the right move for you. Together, we can create a strategy that gets you into your first home while keeping your future financial goals on track.


📞 Reach out anytime—it would be a pleasure to guide you through the process.

Bank of Canada Raises Rate to 2.5% — October 28, 2026

By Amelia McLeod • October 28, 2026
On October 28, 2026, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.5%. If you have a mortgage, are shopping for a home, or have a renewal coming up, this decision matters. Here is a plain-language look at what changed, why it happened, and what it could mean for you.

What You Need to Know About Porting a Mortgage When Moving

By Amelia Mcleod • October 21, 2026
Porting Your Mortgage: What You Need to Know Before You Rely on It Porting a mortgage means transferring your existing interest rate, remaining term, and outstanding balance from your current home to a new one when you sell and buy again. While some lenders—especially big banks—make porting sound simple, the reality is that porting a mortgage is often complex and far from guaranteed . It’s not a magic solution, and it doesn’t mean you automatically get to keep your old mortgage on your new home. In many ways, porting a mortgage feels like applying for a brand-new one—often with more conditions . Here’s why. 1. You Still Have to Re-Qualify Even though you already have the mortgage, the lender will reassess you. If you: Changed jobs Moved to a new city Are on probation Switched industries or income types …the lender may decline the port. Your previous approval does not carry over automatically. 2. The New Property Must Be Approved The lender also reassesses the new property . Just because they accepted your previous home as collateral doesn’t mean they’ll approve the next one. Expect: A new appraisal A review of the property’s condition Scrutiny around marketability and value If the lender isn’t comfortable with the property, the port can fail. 3. Property Values Rarely Line Up Perfectly Most moves involve a price difference. Buying a more expensive home: You’ll likely need additional funds at a blended rate, which can increase your payment. Buying a less expensive home: You may face a penalty for reducing the mortgage balance. Either scenario can affect your costs. 4. You Still Need a Down Payment Porting doesn’t mean you “swap houses” without cash. You still need: A down payment on the new purchase Closing costs Funds available at the right time This often surprises buyers. 5. Penalties Usually Still Apply (At First) Most lenders: Charge the full mortgage penalty when you sell Refund it only after the port is successfully completed If you’re relying on sale proceeds for your down payment, this temporary penalty can create a cash-flow issue. 6. Timelines Rarely Line Up Perfectly Real estate markets don’t cooperate. You might: Sell quickly but struggle to buy Find a home quickly but wait months to sell Closing dates rarely align, which complicates porting even further. 7. Port Periods Vary by Lender This is where the fine print matters. Depending on the lender, the port window may be: Same day only 30 days 90 days Up to 6 months If the port window is short, both transactions must close within that timeframe—or the port fails. Longer port periods offer flexibility, but also carry the risk of selling first and not finding a replacement property in time. The Bottom Line Porting your mortgage can make sense—especially if you have a strong rate and are buying a similar-priced home. But it is not guaranteed , and it comes with conditions, risks, and timing challenges. Portability is a feature, not a promise. Before you rely on it, it’s important to review all your options , including whether staying with your lender actually makes financial sense. If you’re planning to sell and buy, I’d be happy to walk you through the process, explain your options clearly, and help you decide whether porting is the right move—or if another strategy makes more sense.