Deputy Prime Minister Chrystia Freeland says the uptake of a new savings account for first-time homebuyers is exceeding expectation, though she acknowledged the limits of what it can do to address affordability.
Deputy Prime Minister Chrystia Freeland says the uptake of a new savings account for first-time homebuyers is exceeding expectation, though she acknowledged the limits of what it can do to address affordability.
It’s so stupid. The problem with the housing market isn’t that I don’t have a proper account to keep a $200k down payment that is needed.
The TFSA has a limit of $40k and you can “only” save $8k/year. So you wouldn’t be able to get an actual down payment in there anyway.
But yeah, point taken. The TFSA is an insufficient response to a real problem.