The limit rose from $35,000 to $60,000 per person on April 16, 2024; a couple can withdraw up to $120,000. Funds must have been in the RRSP for at least 90 days before withdrawal. The HBP creates no new contribution room: the money must already be in your RRSP.
Each year you repay 1/15 of the amount withdrawn; if you don't, that share is added to your taxable income. For withdrawals made between 2022 and 2025 the grace period before the first repayment was extended to 5 years. Unlike the FHSA, the HBP is an interest-free loan to yourself.