What is the most they could pay for a house

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Lynne and Glen plan to purchase their first home in a year's time. They have been saving $400 a month for the last 3 years and investing that money in GICs in their TFSA at a rate of 2%, compounded semi-annually. They also plan to draw down the maximum from both of their RRSPs under the Home Buyers' Plan. They estimate acquisition costs will amount to $15,000. If they want to avoid mortgage insurance costs, what is the most they could pay for a house? (Hint: Confirm the maximum drawdown from the HBP in 2019.)

Reference no: EM132538195

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