The Financial Post reports in its Thursday edition that raiding your retirement to make a down payment on your first home is a Canadian tradition that has long been encouraged by the government. The Post's Garry Marr writes, however, that for young Canadians who bought homes at the top of the market, the strategy is looking like a disaster. The average sale price of a home peaked in March, 2022, at $816,720, according to figures from the Canadian Real Estate Association. That figure is down to $673,335, a drop of more than 17 per cent. By comparison, the S&P/TSX Composite Index rose about 50 per cent during that period. It is a remarkable reversal of fortune that makes the Home Buyers' Plan, which allows you to withdraw up to $60,000 from your RRSP and repay it over up to 15 years, look like a terrible bet. Before judging those who took advantage of the HBP, remember that it was endorsed by policy-makers and supported, of course, by the real estate industry, which lobbied hard and successfully to raise the amount available for withdrawal as house prices rose. Over the years, the HBP limit has jumped from $15,000 to the current $60,000. And it is per person, so double it for a couple who are first-time buyers.