Federal Government Offers New Incentives for Home Buyers and Home Owners

Yesterday, on January 27th, 2009, Government of Canada has announced more incentives for First Time Home Buyers and Home Owners in order to help them with the most important investment in their lives. The main idea behind these decisions is to increase:

a) housing affordability in addition to falling prices and already occured 15% price drop,

b) quality of life and

c) consumer confidence.

So, if you're a First Time Home Buyer or a Home Owner you just got richer by X amount of $s. "You're richer than you think"-Scotiabank:)

The incentives announced yesterday include:

1. First Time Home Buyers Tax Credit of up to $750 to help homebuyers with closing costs such as land transfer taxes and legal fees.

2. Increase to the Home Buyers' Plan withdrawal limit to $25,000 from $20,000. Eligible couples can now withdraw up to $50,000.

3. Home Renovation Tax Credit of up to $1,350 for homeowners who renovate.

4. Funding program for ecoENERGY retrofits that provides home and property owners up to $5,000 for energy improvements.

Happy thinking, decision making and home buying. 778.991.3293