Young Canadians flocking to First Home Savings Accounts, banks say
BNN Bloomberg
Most Canadian banks aren’t yet offering the tax-free First Home Savings Account, but the two major banks that have made the option available say demand is high, particularly among young Canadians.
RBC shared some data on the offering this week, saying “tens of thousands” of accounts have been opened since April, a large majority of them held by Canadians under the age of 45 – numbers the bank said show “phenomenal early uptake.”
“We’re seeing amazing interest in this new tax-free account, particularly among younger Canadians who are building a down payment for their first home,” Flora Do, RBC vice-president of investments transformation, said in a news release.
A National Bank of Canada spokesperson told BNNBloomberg.ca that demand has “exceeded our expectations,” with most FHSA holders in their 30s.
