Roadmap to a $1 Million Home
By: Felix Diaz, P. Eng. | Licensed Financial Advisor
In today’s housing market, the idea of owning a $1 million home feels like a distant dream for many Canadians. Prices continue to climb, and the required down payments—often 20% or more—can seem insurmountable. That’s $200,000 just to get your foot in the door.
For young professionals, couples starting out, or anyone trying to break into the market, the challenge isn’t just affording monthly mortgage payments—it’s coming up with that massive lump sum upfront. But what if there were a way to build that down payment faster, smarter, and with help from the tax system?
In 2023, the federal government introduced a new tool that quietly shifted the landscape for first-time buyers: the First Home Savings Account (FHSA). And when paired with the long-standing RRSP Home Buyers’ Plan (HBP), it creates a powerful strategy that could help aspiring homeowners save up to $200,000—tax-free.
The Breakthrough: FHSA Meets RRSP HBP
The FHSA was designed to combine the best features of a TFSA and an RRSP. You can contribute up to $8,000 per year, with a lifetime maximum of $40,000, and the money grows tax-free. Even better, your contributions are tax-deductible—meaning you get a break on your income taxes while saving for your home.
Meanwhile, the RRSP HBP allows you to withdraw up to $60,000 from your RRSP to buy your first home, also tax-free, as long as you repay it over 15 years. It’s essentially an interest-free loan from your future self.
For individuals, these tools are powerful. But for couples, they’re transformative.
The Strategy in Action
This isn’t just theory—it’s a practical roadmap. With discipline and planning, a couple could reach these contribution limits in 5 to 7 years, depending on income and expenses. Even solo buyers can make significant progress by maxing out their FHSA and using RRSP savings strategically.
The key is to start early, automate contributions, and treat your home savings like a non-negotiable monthly bill. Every dollar you put into these accounts is working harder than money sitting in a regular savings account.
Who Can Benefit?
This strategy is ideal for:
First-time buyers who haven’t owned a home in the past 4 years
Canadians with stable income and room to contribute to registered accounts
Couples planning to buy within the next 5–10 years
Anyone looking to maximize tax efficiency while saving
A New Path to Homeownership
For years, the Canadian housing market has felt like a locked door. But with the FHSA and RRSP HBP, there’s finally a key—one that’s accessible, strategic, and built for long-term success.
Saving $200,000 might still take time and effort, but it’s no longer a fantasy. It’s a plan. And for thousands of Canadians, it could be the beginning of a new chapter—one with a front porch, a mortgage, and a place to truly call home.
Ready to Start Your Roadmap? Let’s Build It Together.
If you're serious about buying your first home—but unsure where to start—I'm here to help.
Whether you need guidance opening your FHSA, using your RRSP HBP, or creating a custom savings plan to reach your down payment goal, I’ll walk you through it step by step.
What I Can Help You With:
Opening and funding your FHSA
Understanding RRSP HBP rules and repayment
Building a personalized savings timeline
Coordinating your accounts for maximum tax efficiency
Answering your questions—no jargon, no pressure
Let’s connect and turn your homeownership dream into a plan.
Send me a message or book a free consultation to get started.
Contact me at: felix.diaz@forthrightltd.com or 403-498-4775
Based in Calgary, helping Canadians coast to coast.
or fill up the contact form below.