05/22/2025
Who is eligible for the Home Buyers’ Plan?
To participate in the Home Buyers’ Plan you must:
Be a resident of Canada.
Have an RRSP with sufficient funds to withdraw.
Be a first-time home buyer. According to the Government of Canada, you are a first-time home buyer if, in the four-year period before you began participating in the HBP, “you did not occupy a home that you owned or one that your current spouse or common-law partner owned.”
Plan to use the home as your principal residence within a year of building or buying it, or be purchasing or building a principal residence for a relative with a disability
Have a written agreement to buy or build a home for themselves or for a relative with a disability.
Plan to purchase a qualifying type of house, located in Canada. Most types of homes, including condo and apartments, qualify. Co-op housing doesn’t always qualify, but there may be exceptions.
