Here's how much Canadians were able to sock away in their first-home savings accounts in the first year the vehicle was available for homebuying hopefuls.
With more than 22 million homes needed by 2030 to address Canada's housing crisis, the federal government is promoting the first home savings account as a tool to help people who want to buy their first home.
Finance Minister Chrystia Freeland has touted the popularity of the account, with more than 750,000 Canadians having opened an FHSA as of April 16, when the Liberals tabled their latest spending plans.The CRA tabled information in the House of Commons on Wednesday about the relative values of these accounts in response to a question from Conservative MP Dan Albas.The agency’s response includes data on the nearly 625,000 individuals with active FHSAs as of the end of 2023.
As of the end of last year, nearly 1,000 individuals had FHSA values above $10,000; 50 account holders even surpassed balances of $20,000, according to the CRA.FHSAs appear most popular among lower-income Canadians, CRA data shows.
First Home Savings Account First-Time Homebuyers Money
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