{"id":7549,"date":"2016-01-31T17:50:27","date_gmt":"2016-01-31T21:50:27","guid":{"rendered":"https:\/\/viacapitaledumontroyal.com\/?p=7549"},"modified":"2020-06-22T13:57:26","modified_gmt":"2020-06-22T17:57:26","slug":"generation-y-how-do-the-hbp-and-rrsps-allow-you-to-access-a-property","status":"publish","type":"post","link":"https:\/\/viacapitaledumontroyal.com\/en\/generation-y-how-do-the-hbp-and-rrsps-allow-you-to-access-a-property\/","title":{"rendered":"Generation Y: How do the HBP and RRSPs allow you to access a property?"},"content":{"rendered":"<h2><span style=\"font-weight: 400;\">This week on the program Les Oranges Press\u00e9es on CIBL, we look back at a Toronto-Dominion Bank <a href=\"http:\/\/td.fr.mediaroom.com\/2016-01-18-Plusieurs-membres-de-la-g-n-ration-Y-passent-c-t-dune-source-de-fonds-int-ressante\" target=\"_blank\" rel=\"noopener noreferrer\">survey<\/a> on the home ownership of generation Y. <\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Combine this analysis with <a href=\"https:\/\/www.lapresse.ca\/multimedias\/la-generation-y-dans-le-grand-montreal\/\" target=\"_blank\" rel=\"noopener noreferrer\">La Presse&#8217;s report<\/a> on the weight of this age group in the Greater Montreal area, and you have a little idea of where the Montreal real estate market is headed!<\/span><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/v8YwXEG9UBA\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><em><span style=\"font-weight: 400;\">The Weight of Generation Y in Greater Montreal<\/span><\/em><\/p>\n<p><span style=\"font-weight: 400;\">According to the Optima Marketing study, of the 1.2 million young Ys who will want to acquire properties between now and 2021, half of them want to live in the central neighbourhoods of the island of Montreal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is a real change in the real estate sector, since a few years ago, the massive youth movement was moving towards the suburbs. This observation confirms the idea of a new downtown Montreal, which is being overbuilt to meet the growing demand for real estate investment in the Greater Montreal area.<\/span><\/p>\n<h2><em><strong>Do young people know how to access property quickly and economically?<\/strong><\/em><\/h2>\n<p><span style=\"font-weight: 400;\">The Toronto-Dominion Bank&#8217;s survey of Generation Y youth suggests not! In fact, 55% of them are unaware that there is a quick and economic system for buying a property: <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/rrsps-related-plans\/what-home-buyers-plan.html\" target=\"_blank\" rel=\"noopener noreferrer\">the Home Buyers&#8217; Plan<\/a> (HBP).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Developed by the federal government 25 years ago, the <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/rrsps-related-plans\/what-home-buyers-plan.html\" target=\"_blank\" rel=\"noopener noreferrer\">HBP<\/a>, while very useful, is still not well known.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you contribute to an <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/rrsps-related-plans\/registered-retirement-savings-plan-rrsp.html\" target=\"_blank\" rel=\"noopener noreferrer\">RRSP<\/a>, the HBP allows you to withdraw up to $25,000 and use it as a down payment to purchase a property without having to pay tax on the amounts saved. The total amount used for the down payment must then be repaid at a rate of $1,000 per year. This is an easy way to make a forced, profitable and instantaneous saving, because it is used to invest in a future property!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The PAR-ready system is another convenient feature of the HIP. Even faster than the standard HBP, it involves borrowing a certain amount from the bank and setting it aside in an account for 90 days. With this amount, you will receive a tax return that you can use as a down payment. As with the regular HBP, the loan requested from the bank must be repaid at a rate of $1,000 per year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These two HBP systems can be combined, but before committing to real estate transactions, it is best to take a look at your notices of assessment, consult your bank, a mortgage or real estate broker who will be able to guide you through the process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Find us every week for new columns and follow us on our<a href=\"https:\/\/www.facebook.com\/ViaCapitaleMontRoyal\/?fref=ts\" target=\"_blank\" rel=\"noopener noreferrer\"> Facebook page<\/a>!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week on the program Les Oranges Press\u00e9es on CIBL, we look back at a Toronto-Dominion Bank survey on the home ownership&#8230;<\/p>\n","protected":false},"author":321,"featured_media":8979,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[236,237,238,235,252],"tags":[688,686,287,687],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Generation Y: How do the HBP and RRSPs allow you to access a property? 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