Liberal Party promises to ‘modernize’ the HBP

The Canadian Real Estate Association (CREA) welcomes Leader of the Liberal Party of Canada Justin Trudeau’s campaign promise to modernize the Home Buyer’s Plan (HBP), if elected, by enabling Canadians impacted by significant life changes to access the program and use money from their Registered Retirement Savings Plan (RRSPs) to buy a house without tax penalty.

The HBP is a REALTOR®-driven initiative, introduced by the government as a short-term stimulus measure in 1992 and made a permanent program in 1994. Since its inception, over 2.8 million Canadian have used the HBP to help make home ownership more affordable. The program allows Canadians to borrow, on a repayable basis, from their own RRSPs to purchase a home.

Expanding the HBP to help Canadians maintain homeownership after a significant life change, such as job relocation, the death of a spouse, marital breakdown, or a decision to accommodate an elderly family member, has been a REALTOR® Action Issue since 2011.

Home purchases involving the HBP generate spin-off spending and create jobs. In 2015, home purchases involving the use of the HBP are projected to result in over $2.8 billion in spin-off spending and more than 19,900 jobs.

For more information on the Liberal Party of Canada’s announcement, please review the Affordable Housing for Canadians backgrounder on the party’s website.

For more information on CREA’s proposal on this topic, please review our Support Canadian Workers Through Job Relocation infographic on REALTOR Link®.

source: CREA

Author: bramptonrealestateboard

At the Brampton Real Estate Board (BREB) we believe in the ownership of Real Estate. Our objective is to contribute to the capability and growth of our members in their endeavors by marketing all forms of real property throughout the greater Brampton, Halton Hills and Caledon marketplaces and beyond. The Brampton Real Estate Board is dedicated to providing an environment in which it’s Member REALTORS®, employees, Board of Directors, and Committee volunteers are encouraged to grow, succeed and develop in order to provide the highest level of professional conduct and service.

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