Improvement of the Home Buyers’ Plan (HBP)
The QFREB supports the Canadian Real Estate Association’s appeal to the federal government. We propose the following improvements:
- Increase the maximum withdrawal limit to $35,000. So that the HBP more accurately reflects changing real estate prices, the maximum withdrawal limit should be increased.
- Help homeowners through major life changes. Under certain conditions, the government should allow persons who have already benefited from the HBP to participate in the program again in the event of the loss of a spouse, separation, work-related relocation or the decision to accommodate an elderly member of the family.
- Create an intergenerational HBP. Parents should be able to withdraw sums accumulated in their RRSPs and transfer them to their children so that they can purchase their first property.