RRSP Home Buyers’ Plan Explained: A Smart Way to Buy Your First Home

Jen Fuentes • 26 August 2026

Saving for a down payment is one of the biggest challenges first-time buyers face. What many don’t realize is that the Canadian government offers a program designed to make it easier—the Home Buyers’ Plan (HBP). This program allows you to withdraw money from your RRSP to help purchase your first home, without immediate tax consequences.

Here’s how it works:

Who Qualifies?

To be eligible, you generally need to be a first-time home buyer. In practical terms, this means you must not have owned a home in the past four years, nor lived in a property owned by your spouse or partner during that time.

There are also special allowances if you’re living with a disability or helping a relative with a disability. In these cases, you can use the HBP even if you’ve owned a home more recently.

How Much Can You Withdraw?

Under the program, you can access up to $35,000 from your RRSP as an individual. Couples can combine their withdrawals for a total of $70,000. These funds must have been in your RRSP for at least 90 days before you take them out.

Paying It Back

The HBP isn’t “free money”—it’s an interest-free loan from your own retirement savings. You’ll have 15 years to repay the full amount back into your RRSP, starting in the second year after withdrawal.

Each year, the CRA will send you an HBP Statement of Account outlining how much needs to be repaid. If you don’t make your repayment in a given year, that amount will be added to your taxable income.

Why It’s a Smart Strategy

The HBP can give first-time buyers a powerful boost toward homeownership. It helps you put together a larger down payment, which can reduce your mortgage amount and monthly payments. Just remember: it’s important to balance the short-term benefit of homeownership with the long-term impact on your retirement savings.

Next Steps

Thinking about using the Home Buyers’ Plan? Let’s sit down and review whether it’s the right move for you. Together, we can create a strategy that gets you into your first home while keeping your future financial goals on track.

📞 Reach out anytime—it would be a pleasure to guide you through the process.

< Older Post Newer Post >

Jen Fluentes

Mortgage Broker &
Franchise Owner

What You Need to Know About Porting a Mortgage When Moving

by Jen Fuentes • 7 October 2026

Porting Your Mortgage: What You Need to Know Before You Rely on It Porting a mortgage means transferring your existing interest rate, remaining term, and outstanding balance from your current home to a new one when you sell and buy again. While some lenders—especially big banks—make porting sound simple, the reality is that porting a mortgage is often complex and far from guaranteed . It’s not a magic solution, and it doesn’t mean you automatically get to keep your old mortgage on your new home. In many ways, porting a mortgage feels like applying for a brand-new one—often with more conditions . Here’s why. 1. You Still Have to Re-Qualify Even though you already have the mortgage, the lender will reassess you. If you: Changed jobs Moved to a new city Are on probation Switched industries or income types …the lender may decline the port. Your previous approval does not carry over automatically. 2. The New Property Must Be Approved The lender also reassesses the new property . Just because they accepted your previous home as collateral doesn’t mean they’ll approve the next one. Expect: A new appraisal A review of the property’s condition Scrutiny around marketability and value If the lender isn’t comfortable with the property, the port can fail. 3. Property Values Rarely Line Up Perfectly Most moves involve a price difference. Buying a more expensive home: You’ll likely need additional funds at a blended rate, which can increase your payment. Buying a less expensive home: You may face a penalty for reducing the mortgage balance. Either scenario can affect your costs. 4. You Still Need a Down Payment Porting doesn’t mean you “swap houses” without cash. You still need: A down payment on the new purchase Closing costs Funds available at the right time This often surprises buyers. 5. Penalties Usually Still Apply (At First) Most lenders: Charge the full mortgage penalty when you sell Refund it only after the port is successfully completed If you’re relying on sale proceeds for your down payment, this temporary penalty can create a cash-flow issue. 6. Timelines Rarely Line Up Perfectly Real estate markets don’t cooperate. You might: Sell quickly but struggle to buy Find a home quickly but wait months to sell Closing dates rarely align, which complicates porting even further. 7. Port Periods Vary by Lender This is where the fine print matters. Depending on the lender, the port window may be: Same day only 30 days 90 days Up to 6 months If the port window is short, both transactions must close within that timeframe—or the port fails. Longer port periods offer flexibility, but also carry the risk of selling first and not finding a replacement property in time. The Bottom Line Porting your mortgage can make sense—especially if you have a strong rate and are buying a similar-priced home. But it is not guaranteed , and it comes with conditions, risks, and timing challenges. Portability is a feature, not a promise. Before you rely on it, it’s important to review all your options , including whether staying with your lender actually makes financial sense. If you’re planning to sell and buy, I’d be happy to walk you through the process, explain your options clearly, and help you decide whether porting is the right move—or if another strategy makes more sense.

What Online Mortgage Calculators Can—and Can’t—Tell You

by Jen Fuentes • 30 September 2026

What Online Mortgage Calculators Can—and Can’t—Tell You Online mortgage calculators are everywhere—and on the surface, they seem like a no-brainer. You plug in some numbers, and out pops what you can “afford.” Simple, right? Not quite. While the math itself is correct, the story behind those numbers is often misleading. Mortgage qualification isn’t just about numbers—it’s about context, risk, and lender policy. And that’s where calculators fall short. The Numbers Are Accurate—but the Picture Isn’t An online calculator can show you what a payment might look like at a given interest rate, or how making extra payments could reduce your amortization. That’s useful information! But when it comes to mortgage qualification , calculators don’t account for the many variables that lenders consider, such as: Your credit history and score Employment type (salary, self-employed, contract) Outstanding debts and monthly obligations Assets, savings, and down payment source The property type and location you’re buying Lenders evaluate all these factors through their internal risk models. That means two people entering the exact same numbers into a calculator could receive very different results when they actually apply for a mortgage. Why Online Calculators Can Mislead You When you see a “How much can I afford?” or “Mortgage Qualification” calculator online, it’s easy to treat the result as fact. But these tools don’t know your financial story—they only crunch the data you enter. A calculator can’t predict how a lender views your risk, how new mortgage rules apply to your file, or how things like spousal support, car loans, or variable income will impact approval. In short: calculators estimate payments, not qualification . Use Calculators the Right Way Don’t get us wrong—online calculators still have value. Use them to explore different “what-if” scenarios: How do payments change with different down payment amounts? How would a rate increase affect affordability? What if you added $100 a month to your payments? These tools are great for helping you understand your comfort zone. Just remember: they’re a starting point, not a green light. The Real First Step: Get a Pre-Approval If you’re serious about buying a home, skip the guesswork and get a mortgage pre-approval . It’s quick, free, and gives you real-world clarity on what you can afford. A pre-approval looks at your full financial picture—income, credit, debts, assets—and provides a framework for your purchase price, payment range, and rate options. It’s the only way to get a reliable answer to the question, “What can I really afford?” Final Thoughts Online calculators are convenient, but they can’t replace expert advice. Think of them as a starting point, not a solution. A professional mortgage broker can interpret the numbers, navigate lender policies, and tailor your financing strategy to your actual situation. If you’d like help understanding your true buying power—or want to get pre-approved with confidence— reach out anytime . I’d be happy to walk you through your options and help you make sense of the numbers.