{"id":86365,"date":"2024-04-19T15:00:57","date_gmt":"2024-04-19T19:00:57","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=86365"},"modified":"2024-06-07T13:54:50","modified_gmt":"2024-06-07T17:54:50","slug":"federal-budget-2024-what-are-the-proposed-changes-to-the-home-buyers-plan-and-how-might-they-affect-me","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/federal-budget-2024-what-are-the-proposed-changes-to-the-home-buyers-plan-and-how-might-they-affect-me\/","title":{"rendered":"Federal Budget 2024: What are the proposed changes to the Home Buyers\u2019 Plan and how might they affect me?"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/rrsp\/\">\n\t\t\t\t\t\t\t<span>RRSP<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Federal Budget 2024: What are the proposed changes to the Home Buyers\u2019 Plan and how might they affect me?<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/04\/EMMA_HBP_FEDBUDGET.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"House key in the door\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/04\/EMMA_HBP_FEDBUDGET.jpg 3679w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/04\/EMMA_HBP_FEDBUDGET.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/04\/EMMA_HBP_FEDBUDGET.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/04\/EMMA_HBP_FEDBUDGET.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/04\/EMMA_HBP_FEDBUDGET.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/04\/EMMA_HBP_FEDBUDGET.jpg?resize=2048,1366 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Federal Budget 2024: What are the proposed changes to the Home Buyers\u2019 Plan and how might they affect me? &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/federal-budget-2024-what-are-the-proposed-changes-to-the-home-buyers-plan-and-how-might-they-affect-me\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/federal-budget-2024-what-are-the-proposed-changes-to-the-home-buyers-plan-and-how-might-they-affect-me\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published April 19, 2024 \u2022 4 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p><strong>In an effort to make homeownership easier for first-time home buyers, the Canadian Government recently proposed changes to the Home Buyers\u2019 Plan under the 2024 federal budget. Looking to buy your first home? Find out how these changes may impact you.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h2 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h2>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The Home Buyers\u2019 Plan allows first-time homebuyers to make tax-free withdrawals from their RRSP to help finance the down payment on a home<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The 2024 federal budget proposes to raise the limit of this withdrawal amount from $35,000 to $60,000<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The budget also proposes to extend the repayment grace period from two to five years<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">What is the Home Buyers\u2019 Plan?<\/h2>\n\n\n\n<p>The Home Buyers\u2019 Plan (HBP) is a program that allows you to make tax-free withdrawals from your <a href=\"https:\/\/www.rbcroyalbank.com\/investments\/rrsp.html\" data-dig-id=\"LP-86365-3fe527b6\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Registered Retirement Savings Plan (RRSP)\" class=\"rbc-link-format\">Registered Retirement Savings Plan (RRSP)<\/a> savings to help finance the down payment on a home for yourself or for a&nbsp;specified disabled person. The withdrawal is not taxable as long as it is repaid within a 15-year period. To qualify, you must be considered a&nbsp;first-time home buyer \u2013 if you are purchasing for a disabled person, this condition does not have to be met. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is changing?<\/h2>\n\n\n\n<p>To address the shortage of housing options, high rent prices and consistently increasing home values across the country, the 2024 budget proposes changes aimed at making home ownership easier for first-time buyers. The changes are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Increased withdrawal limits:<\/strong> The budget proposes that Canadians could withdraw as much as $60,000 from their RRSP, up from the previous limit of $35,000. Couples purchasing a home together would be able to withdraw up to $120,000 from their RRSPs to purchase a new home.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Extended repayment grace period:<\/strong> Funds withdrawn under the HBP must be repaid to their RRSP over a 15-year period. At least 1\/15 of your withdrawal must be repaid to your RRSP each year. Up to now, the repayment period began as of the second year after the first withdrawal was made. The budget proposes to temporarily defer the start of this repayment period by an additional three years. So, for anyone making their first withdrawal between January 1, 2022 and December 31, 2025, they would have five years before repayment must begin.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"has-cool-white-background-color has-background\">In addition to changes to the Home Buyers\u2019 Plan, the budget proposes to allow 30-year mortgage amortizations for first-time home buyers purchasing newly built homes. This change, which would take effect August 1, 2024, would help more Canadians afford a monthly mortgage payment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What does this mean for me?<\/h2>\n\n\n\n<p>If you\u2019re looking to buy your first home, you know how challenging it can be to save for a down payment \u2013 an essential first step towards home ownership. The changes to the Home Buyers\u2019 Plan consider that the size of a down payment \u2013 and the amount of time needed to save enough \u2013 is much larger today than when the program first started. Having the option to withdraw more from your RRSP \u2013 and take more time before beginning to repay the amount you borrowed \u2013 can ease the path to home ownership.<\/p>\n\n\n\n<p>While this proposed measure will apply to withdrawals made after April 16, 2024, be sure to check with your financial institution whether the increase in the limit is in fact in place when you\u2019re ready to make your withdrawal.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Other programs and incentives to help home buyers<\/h2>\n\n\n\n<p>If you\u2019re a first-time home buyer in Canada, there are other plans in place that could help make purchasing your first home easier:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/investments\/fhsa.html\" data-dig-id=\"LP-86365-3534fc67\" data-dig-label=\"First Home Savings Account (FHSA)\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\"><strong>First Home Savings Account (FHSA)<\/strong><\/a>: The FHSA is a registered plan that can help you save for your first home. First-time home buyers can make tax-deductible contributions of up to $8,000 per year, up to a lifetime maximum of $40,000. &nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/programs\/about-canada-revenue-agency-cra\/federal-government-budgets\/budget-2022-plan-grow-economy-make-life-more-affordable\/first-time-home-buyers-tax-credit.html?utm_source=Canada_dot_ca&amp;utm_medium=Tax_Tip&amp;utm_campaign=No_Signature_Corporate_item+PAB+Housing&amp;utm_content=2023-11-06_0249\" target=\"_blank\" data-dig-id=\"LP-86365-d8485cac\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"First-Time Home Buyer\u2019s Tax Credit (HBTC)\" rel=\"noreferrer noopener\" class=\"rbc-link-format\"><strong>First-Time Home Buyer\u2019s Tax Credit (HBTC)<\/strong><\/a>: The HBTC allows first-time home buyers who acquire a home to claim a non-refundable tax credit of up to $1,500.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/publications\/rc4028\/gst-hst-new-housing-rebate.html?utm_source=Canada_dot_ca&amp;utm_medium=Tax_Tip&amp;utm_campaign=No_Signature_Corporate_item+PAB+Housing&amp;utm_content=2023-11-06_0251\" target=\"_blank\" data-dig-id=\"LP-86365-50979377\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"GST\/HST New Housing Rebate\" rel=\"noreferrer noopener\" class=\"rbc-link-format\"><strong>GST\/HST New Housing Rebate<\/strong><\/a>: The GST\/HST rebate is available for new home purchases and could reduce upfront costs to help make homeownership more affordable.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Some provinces and territories have their own programs to help home buyers. For example, there are grants, tax credits, rebates and incentives to help cover land transfer tax, down payments and other housing costs.&nbsp;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>An RBC Mortgage Specialist can help guide you through your entire home buying journey \u2013 from saving for your down payment to getting the keys to your new place. Plus, they can advise you on our current rates and offers.<\/p>\n\n\n\n<div class=\"wp-block-group block-wpr bg-light-blue rounded-corners pos-rel mob-pad-t pad-t pad-b mob-pad-b pad-l mob-pad-l pad-r mob-pad-r centered-block is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading has-text-align-center mar-b-hlf mob-mar-b-hlf mob-pad-t-hlf\" id=\"h-your-first-step-is-to-connect-with-an-rbc-mortgage-specialist\">Your First Step is to Connect with an RBC Mortgage Specialist<\/h3>\n\n\n\n<p class=\"has-text-align-center mar-b-hlf mob-mar-b-hlf pad-r mob-pad-r pad-l mob-pad-l\">We\u2019re here to help guide you home.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/specialist-locator\/index.html\" data-dig-id=\"LP-86365-5de67266\" data-dig-label=\"Find a Mortgage Specialist\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">Find a Mortgage Specialist<\/a> or speak with your <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/find-an-advisor\" data-dig-id=\"LP-86365-afa7bc46\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"investments advisor\" class=\"rbc-link-format\">investments advisor<\/a>.<\/p>\n<\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-3273600d-27cf-4bac-9101-be0f50497dad\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-ee3382b6-923d-4b7e-9bdf-1fc9ca78ffa9\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Federal Budget 2024: What are the proposed changes to the Home Buyers\u2019 Plan and how might they affect me? &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/federal-budget-2024-what-are-the-proposed-changes-to-the-home-buyers-plan-and-how-might-they-affect-me\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/federal-budget-2024-what-are-the-proposed-changes-to-the-home-buyers-plan-and-how-might-they-affect-me\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            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id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/Sep-15_shutterstock_2438592943.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A hand holds a disc with a percentage symbol on it, and upward and downward arrows over and below the disc to reflect the rate announcement on September 17, 2025.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/Sep-15_shutterstock_2438592943.jpg 5233w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/Sep-15_shutterstock_2438592943.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/Sep-15_shutterstock_2438592943.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/Sep-15_shutterstock_2438592943.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/Sep-15_shutterstock_2438592943.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/Sep-15_shutterstock_2438592943.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 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pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"678\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/HOME-BUYING-_1.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A wooden toy house next to a notepad\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/HOME-BUYING-_1.jpg 4928w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/HOME-BUYING-_1.jpg?resize=300,199 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/HOME-BUYING-_1.jpg?resize=768,509 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/HOME-BUYING-_1.jpg?resize=1024,678 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/HOME-BUYING-_1.jpg?resize=1536,1017 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/HOME-BUYING-_1.jpg?resize=2048,1356 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/\">\n\t\t\t\t\t\tBuying Your First Home\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/how-much-money-do-you-really-need-to-buy-your-first-home-in-canada\/\" class=\"card-title h4 mar-t-0\">How much money do you really need to buy your first home in Canada?<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Happy young couple using a laptop and credit card in their first home\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg 6000w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/\">\n\t\t\t\t\t\tUnderstanding Interest Rates\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/how-the-fhsa-and-lower-interest-rates-can-help-you-buy-your-first-home\/\" class=\"card-title h4 mar-t-0\">How the FHSA and Lower Interest Rates Can Help You Buy Your First Home<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-3273600d-27cf-4bac-9101-be0f50497dad {\n\t\theight: 20px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-3273600d-27cf-4bac-9101-be0f50497dad {\n\t\t\theight: 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Looking to buy your first home? Find out how these changes may impact you.<\/p>\n","protected":false},"author":80,"featured_media":86366,"parent":57283,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[92],"rbc_content_type":[31],"rbc_audience":[261,110,231,571,59,39,93],"rbc_lob_group":[58],"rbc_difficulty_level":[33],"rbc_mmm_category":[310,336,303],"class_list":["post-86365","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-rrsp","rbc_content_type-article","rbc_audience-black","rbc_audience-business-owners","rbc_audience-indigenous","rbc_audience-lgbtq","rbc_audience-newcomer","rbc_audience-parents","rbc_audience-seniors","rbc_lob_group-mortgage","rbc_difficulty_level-beginner","rbc_mmm_category-buying-a-home","rbc_mmm_category-buying-your-first-home","rbc_mmm_category-goals-aspirations"],"acf":{"contently_publication_id":"","custom_author":"Diane Amato","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"In an effort to make homeownership easier for first-time home buyers, the Canadian Government recently proposed changes to the Home Buyers\u2019 Plan under the 2024 federal budget. 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