How first-time homebuyers are finding the money for a down payment
First-time homebuyers are rarely relying on just one source for a down payment these days. According to the Canadian Mortgage and Housing Corporation, buyers are drawing from a mix of sources including gifts or inheritance, savings outside of an RRSP and savings from within a tax-free FHSA*.
The role of gifts and inheritance highlights a familiar dynamic: parents and grandparents stepping in to help and often doing so earlier. That creates an opportunity for advisors to have conversations about wealth transfer. Advisors can help families think through when to give, how much to give and how to structure support in a way that aligns with broader financial planning.
While family support can play a role, it is rarely the full solution. The FHSA can help clients build dedicated, tax-efficient savings for a home purchase, which may reduce reliance on large lump-sum gifts and create more flexibility when the right opportunity comes along.
Did we mention, from May 1 to August 31, 2026, certain FHSA actions — opening an account and every contribution — earns an entry into Equitable’s Grow Your Way Home contest. Supporting clients is simple with EZcomplete® and EZtransact®.
Speak to your Director, Investment Sales for more information and help guide clients through FHSA benefits, contribution strategies and simple ways to automate their savings throughout the summer. Together, you can help them move confidently toward their first home purchase.
*Source: 2025 CMHC Mortgage Consumer Survey
® and ™ denote trademarks of The Equitable Life Insurance Company of Canada.
Equitable’s Grow Your Way Home contest: No purchase necessary. Contest period is May 1, 2026 to August 31, 2026. Enter by: opening an Equitable FHSA during the Contest Period; making a deposit to your Equitable FHSA during the Contest Period; or submitting a no-purchase entry. Two prizes of $8,000 each to be drawn on September 21, 2026 will be awarded to clients. The servicing advisor for the contract to which the selected entrant made the deposit is also an eligible winner and will receive a $1,000 prize. Open to legal residents of Canada of the age of majority. Odds of winning depend on number of eligible entries received during the Contest Period. For full contest rules, including no-purchase method of entry, see the full contest rules.
The role of gifts and inheritance highlights a familiar dynamic: parents and grandparents stepping in to help and often doing so earlier. That creates an opportunity for advisors to have conversations about wealth transfer. Advisors can help families think through when to give, how much to give and how to structure support in a way that aligns with broader financial planning.
While family support can play a role, it is rarely the full solution. The FHSA can help clients build dedicated, tax-efficient savings for a home purchase, which may reduce reliance on large lump-sum gifts and create more flexibility when the right opportunity comes along.
Did we mention, from May 1 to August 31, 2026, certain FHSA actions — opening an account and every contribution — earns an entry into Equitable’s Grow Your Way Home contest. Supporting clients is simple with EZcomplete® and EZtransact®.
Speak to your Director, Investment Sales for more information and help guide clients through FHSA benefits, contribution strategies and simple ways to automate their savings throughout the summer. Together, you can help them move confidently toward their first home purchase.
*Source: 2025 CMHC Mortgage Consumer Survey
® and ™ denote trademarks of The Equitable Life Insurance Company of Canada.
Equitable’s Grow Your Way Home contest: No purchase necessary. Contest period is May 1, 2026 to August 31, 2026. Enter by: opening an Equitable FHSA during the Contest Period; making a deposit to your Equitable FHSA during the Contest Period; or submitting a no-purchase entry. Two prizes of $8,000 each to be drawn on September 21, 2026 will be awarded to clients. The servicing advisor for the contract to which the selected entrant made the deposit is also an eligible winner and will receive a $1,000 prize. Open to legal residents of Canada of the age of majority. Odds of winning depend on number of eligible entries received during the Contest Period. For full contest rules, including no-purchase method of entry, see the full contest rules.