News Benefits & Pensions
Ontario engineering firm offers staff up to $20,000 to buy their first home

An Ontario engineering firm is helping its employees break into the housing market by providing up to $20,000 to help fund the down payment on the purchase of their first home.

The program from Crozier Consulting Engineers isn’t new — it launched in 2021 — but it’s making headlines again with the opening of its new office in Guelph and the subsequent recruitment drive.

The First-Time Home Buyers’ Assistance Program is available to workers after one year on the job. The perk is offered via a deposit into the employee’s RRSP, which can then be accessed as part of the federal government’s Home Buyers’ Plan (HBP).

The HBP is a program that allows Canadians to withdraw funds from Registered Retirement Savings Plans (RRSPs) to buy or build their first home. It allows Canadians to pay back the withdrawn funds within a 15-year period.

“We have seen first-hand the increasing demand for residential development and the frustrating situations our employees find themselves in, such as extreme bidding wars, when trying to buy their first home in today’s market,” said Nick Mocan, president, Crozier, in a 2021 press release. “We established the First-Time Home Buyers’ Assistance Program as a creative way to help make home ownership a reality for our employees because we strongly believe that their personal growth is as important as their career growth.”

Additional benefits and programs are available to employees at any stage in their career, the company said. It also offers mentorship opportunities and scholarships. A year ago, Crozier launched a five-year, $25,000 scholarship fund with the University of Guelph which is awarded to one student each year enrolled in the Bachelor of Engineering program.