Where can your down payment come from?

As you navigate the dynamic real estate markets in Canada's Maritime provinces, including major cities like Halifax, Moncton, Saint John, and Charlottetown, understanding your down payment options is crucial. 

Allow us to provide you with an overview:

Home Buyers' Plan (HBP):

Withdraw tax-free funds from your Registered Retirement Savings Plan (RRSP) for your down payment.

First Home Savings Account (FHSA):

A recently introduced option combining RRSP and Tax-Free Savings Account (TFSA) features, offering tax-free growth and withdrawals for first-time home buyers.

Traditional Savings:

Establish consistent saving habits, potentially utilizing high-interest savings accounts or other investment tools to effectively build your down payment.

Sale of Existing Assets:

Consider selling current property, investments, or other high-value items to provide a significant boost to your down payment fund.\

Gifted Down Payment:

An increasingly common practice, especially in areas with high property values, involves receiving a down payment gift from immediate family members to help overcome initial financial hurdles.

As you embark on your homeownership journey in the Maritimes, especially in bustling markets like Halifax or the growing real estate scene in Moncton, starting early and planning wisely is key. If you have any questions or would like further assistance in exploring these options, please feel free to reach out.

Whether you're eyeing the historic charm of Halifax, the growing opportunities in Moncton, or the serene coastal life in other Maritime regions, understanding and leveraging these down payment options can significantly ease your path to homeownership. With careful planning and the right strategy, your dream home in Canada's beautiful Maritimes is within reach.

Contact us today to start planning your 2024 home purchase!