The Conservatives would let first-time buyers take $35,000 from their RRSPs to pay for homes if they’re re-elected, said Stephen Harper during a campaign stop in Vancouver on Wednesday.
Under the Home Buyers’ Plan, new buyers can currently take $25,000 from their registered retirement plans, tax free, to purchase their starter homes. Owners must pay the money back within 15 years of the withdrawal.
The Conservatives say skyrocketing home prices in cities such as Toronto and Vancouver are making the increase necessary.
If re-elected, a Conservative government would also collect data on how foreign investors are impacting the Canadian housing market.
This article was originally published on Advisor.ca