The account has existed since April 2023 and combines two advantages that could not be stacked before: the RRSP's tax deduction and the TFSA's tax-free withdrawal. Unused room carries forward one year, up to an extra $8,000, but only starts accumulating once the account is open.
The account has a maximum life of 15 years from the year it is opened. If you plan to buy within 10 years, opening it today, even with $1, is a strategic decision. A couple with two accounts can gather up to $80,000 in principal before returns, and the FHSA can be combined with the HBP for the same purchase.