How Will The FHSA Benefit You?

Sunday Apr 09th, 2023


Toronto first-time homebuyers - it's time to get excited! A fantastic new government program has been introduced this month that can help you save up for your down payment. The First Home Savings Account (FHSA) will allow eligible individuals to set aside $40,000 and take advantage of tax benefits along the way. So if you're looking at entering into the housing market but aren't sure how to start saving, this could be a great opportunity for you!

Ready to take the leap into home ownership? With an FHSA and government-offered initiatives, you can make it happen! Start by opening your own FHSA account with a financial institution. The money in this account is sheltered from tax until you’re ready for purchase - use these funds as a down payment on your dream home within designated limits of what banks or lenders will approve. Plus, don't miss out on first time buyer incentives like shared equity mortgages that Canada offers up – giving new homeowners the boost they need to get their foot in the door!

The FHSA combined with other Government initiatives can help Toronto homebuyers save tens of thousands of dollars on their down payments. This makes purchasing a home more affordable and achievable for individuals who may have previously found it challenging to do so. This is excellent news for those living in Toronto as it will provide them with more purchasing power and make it easier to enter the housing market.

For more information on these programs or for exclusive opportunities in the Toronto real estate market, give me a call at 416 820 3006 or email me at and let's get you ready to buy your first home!

PS If you'd like to receive a copy of my Homebuyer's Guide, simply click on the link to my website and send me a quick email to request it.

Happy house hunting!

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