Ontario government expands deposit insurance to credit unions for first time homebuyers savings account

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The Ontario government is expanding deposit insurance to credit unions for members who have a first home savings account, in an effort to help young people save for their first home. This move comes as the housing market has become increasingly difficult for young people to enter into homeownership. The program is designed to encourage young people or first-time buyers to save money over a five-year period. The housing market has cooled, but low inventory in the market still poses a risk for buyers. The program has not yet been launched, but a financial expert encourages all young people to inquire about it. If a person is not able to find a house after the five-year period, their savings can be transferred to a Registered Retirement Savings Plan.

Read the full article on: CTV NEWS