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THE CANADIAN| CIAT
REAL ESTATE | CANADIENNE
ASSOCIATION IDE UIMMEUBLE

Contact: Shirley A. Taylor, APR
11:30 am. EDT (613) 234-3372

REALTORS PROMOTE USE OF RRSPs
BY FIRST-TIME

s) OTTAWA. AUGUST 8, 1991. Details of a proposal to assist first-time home

buyers through the use of their own RRSP funds were unveiled today by The

Canadian Real Estate Association (CREA).

At a news conference sponsored by former
Minister of State (Housing) Alan Redway, CREA President Bill Hopkins said
the association recommends a concept where RRSP funds held by the
prospective home buyer would be permitted to acquire a share of equity in the
property. This share would have the characteristics of a downpayment, which
‘could be supplemented by any additional savings earmarked by the household
for homeownership purposes. The remaining portion of the house price would

be accounted for by a regular mortgage.

SUITE/BUREAU 2400,
PLACE DE VILLE,
TOWER/TOUR A,

320 RUE QUEEN ST.

OTTAWA, ONTARIO
KIR 5A3
(643) 234-3372
FAX #234-2567

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