this post was submitted on 11 Aug 2023
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Freeland touts home savings account, notes limits to addressing housing crisis (www.castanet.net)
submitted 1 year ago by sik0fewl@kbin.social to c/canada@lemmy.ca
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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.

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[–] knapsackinjury@programming.dev 3 points 1 year ago (1 children)

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.

[–] sbv@sh.itjust.works 2 points 1 year ago

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.