First Home Savings Account
First Home Savings Account for Okanagan Buyers
As a first time home buyer on the hunt for a home in the Okanagan Valley and BC Southern Interior you have been following news about local area real estate. And if so, you may have been left feeling less than enthusiastic regarding higher (than they have in the last 5 years) variable and fixed mortgage rates. You’ve also read about limited housing inventory in our in-demand resort communities. While things are finally trending in your favor after the last announcement regarding the prime rate, there is one new development that has given new buyers a chance to celebrate – the arrival of the federal government’s tax-free First Home Savings Account (FHSA) program.
The FHSA program launched on April 1 (2023) and is for those of you in-search of your starter home. Below is a breakdown of what you need to know about this exciting opportunity to secure a downpayment on your first real estate purchase.