Department of Finance Canada announced Budget 2024 housing measures aimed at first-time home buyers and existing homeowners.
The announcement said the Home Buyers' Plan withdrawal limit would rise from $35,000 to $60,000, allowing eligible first-time buyers to use more RRSP savings toward a down payment.
The measure would work alongside the First Home Savings Account, which allows eligible Canadians to contribute up to $8,000 per year and up to $40,000 over a lifetime.
The department also said buyers who withdrew funds from the Home Buyers' Plan between January 1, 2022 and December 31, 2025 would receive a three-year extension to the repayment grace period.
Finance Canada also described planned Canadian Mortgage Charter measures intended to give homeowners more notice and flexibility when renewing or managing mortgages.