Buying a Home for Immediate Family

Luisa Hough • March 23, 2015

Buying a home for immediate family with less than 20% downpayment can be a challenge. However Genworth; a Canadian mortgage default insurance provider, has a program that benefits those families who haven’t been able to save a full down payment on their second family home.

Genworth Canada’s Family Plan enables people to assist family members in buying a home with as little as 5% down payment.

Sending a child off to university can be tough both emotionally and financially. In addition to the rising cost of tuition, students and parents often face the high costs of renting. Today I’d like to share a story of how one family was able secure housing for their daughter while building equity at the same time.

Charles and Catherine Turner were thrilled and very proud when their daughter Alison was accepted to university. They’d been waiting anxiously for the acceptance letter to her preferred school and by the time it arrived, they were unable to secure a spot in residence. Their search to find a suitable location that was safe, close to the campus and with reasonable rent was also proving to be very difficult.

Catherine then recalled a conversation they’d had with their lender when she and Charles were reviewing their plans for Alison’s  post-secondary education. He’d mentioned a program from Genworth Canada called Family Plan, which sounded like it might help.

Genworth Canada’sFamily Plan program makes it possible for an immediate family member to assist in the purchase of a home for borrowers with good credit but inadequate income to meet standard qualifying requirements.

Under this program, Charles and Catherine purchased a home for Alison to live in throughout university and they were able to do so with only a five per cent down payment.  The quality of the real estate coupled with the Turner family’s excellent credit history, enabled them to meet the acceptable guidelines, despite Alison’s lack of income while she focuses on her education.

In the end, Charles and Catherine got more than a home for their daughter. They found a perfect solution to their dilemma… and got peace of mind at the same time.

Genworth Canada’s Family Plan opened the door to homeownership for Alison. The Turners were able to purchase a property with a small down payment, while providing a safe home for their daughter in close proximity to the university!

Know your options and ask your mortgage professional (me) how Genworth Canada can help you realize the dream of homeownership sooner.

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Deposit vs. Down Payment: Key Differences for Homebuyers

By Luisa & Candice Mortgages • July 22, 2026
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RRSP Home Buyers’ Plan Explained: A Smart Way to Buy Your First Home

By Luisa & Candice Mortgages • July 8, 2026
Saving for a down payment is one of the biggest challenges first-time buyers face. What many don’t realize is that the Canadian government offers a program designed to make it easier—the Home Buyers’ Plan (HBP) . This program allows you to withdraw money from your RRSP to help purchase your first home, without immediate tax consequences. Here’s how it works: Who Qualifies? To be eligible, you generally need to be a first-time home buyer. In practical terms, this means you must not have owned a home in the past four years, nor lived in a property owned by your spouse or partner during that time. There are also special allowances if you’re living with a disability or helping a relative with a disability. In these cases, you can use the HBP even if you’ve owned a home more recently. How Much Can You Withdraw? Under the program, you can access up to $35,000 from your RRSP as an individual. Couples can combine their withdrawals for a total of $70,000 . These funds must have been in your RRSP for at least 90 days before you take them out. Paying It Back The HBP isn’t “free money”—it’s an interest-free loan from your own retirement savings. You’ll have 15 years to repay the full amount back into your RRSP, starting in the second year after withdrawal. Each year, the CRA will send you an HBP Statement of Account outlining how much needs to be repaid. If you don’t make your repayment in a given year, that amount will be added to your taxable income. Why It’s a Smart Strategy The HBP can give first-time buyers a powerful boost toward homeownership. It helps you put together a larger down payment, which can reduce your mortgage amount and monthly payments. Just remember: it’s important to balance the short-term benefit of homeownership with the long-term impact on your retirement savings. Next Steps Thinking about using the Home Buyers’ Plan? Let’s sit down and review whether it’s the right move for you. Together, we can create a strategy that gets you into your first home while keeping your future financial goals on track. 📞 Reach out anytime—it would be a pleasure to guide you through the process.

Luisa & Candice Mortgages 

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