Catherine Vourakis

Let's just get one thing out of the way first- we know people were getting excited when it was leaked that there would be massive tax cuts for most people. But let's be realistic. We weren't surprised that they were tiny- we can't afford bigger ones. The tax savings to be gained by increasing the bracket amounts are paltry - a hundred bucks or so at best for most people.

However, we thought there was enough for first time home buyers to like about this budget.

First timers will be able to withdraw up to $25,000 from their RRSPs to go towards a home purchase, up $5,000. For a young couple, that extra $10,000 is a huge deal- it means having a bigger down payment, saving them thousands in mortgage interest payments, or it can go towards furnishing their new home and paying for it this year, not in 2010 or whatever furniture stores advertise these days.

Not to mention up to $750 in tax credit savings.

There is also some people who qualify for a home renovation tax credit, including new home owners. More on that in another post to come. The amounts are small, but they could be helpful when doing smaller reno jobs, like bringing an older bathroom up to date (goodbye white melamine!) or investing in green retrofitting of older homes (ie. new windows.)

It would have been very sweet to see interest payments tax deductible- the ultimate tax break for home owners, but we guess that would be pushing it. ;-)

Sources: The Montreal Gazette, the Government of Canada, René Vézina blog in Les Affaires, the Financial Post

This video is courtesy of the GMREB, featuring Michel Beausejour.According to a recent survey conducted on behalf of the Greater Montreal Real Estate Board, on buying and selling intentions, 5% of households in the Montreal Metro Area are considering buying a property in 2009- similar to 2008. The ever-optimistic real estate board also has found that according to the sales numbers, despite economic turbulence, lots of snow, elections, and other hurdles, 2008 remains the second highest record year. If you are interested in learning more about what it takes to have your home sold, email us at info@mar-vo.com, or give us a call at 450-472-7007.

We never thought this would happen, nepotism being what it is…but, it’s true! The king of crampons is now back in charge of community cultural affairs, Jean Drapeau Park, and throwing a giant birthday party for Montreal in 2017.

Here’s hoping, for our neighbour’s sake, that his successor Luis Miranda, gets it right(er).

Sources: Montreal Gazette, and La Presse.

Any fluctuation in the real estate market is generally believed to follow the fluctuation of job creation and security. As Michel Beauséjour, CEO of the Greater Montreal Real Estate board has put it: “Obviously Montreal is not immune from the economic uncertainties facing consumers today. There are three variables that affect the real estate market – interest rates, job creation and consumer confidence. Consumer confidence has dropped for the last two months and employment in Montréal is on the decline as well.”

So it only follows that it would seem that buying real estate would be the last thing on people’s minds right now, as people begin to hear news about job losses. If this is something on your mind, we would encourage you to take a look at how many jobs are on Monster, Workopolis, the papers, and so on. While it may be true that some sectors are suffering, others are looking to staff, and some report worker shortages- and we think this is important to keep in mind.

We also encourage you to read the report Emploi Québec has produced here. This will give Quebecers an idea of what the job market is predicted to look like in the near future.

We recently updated our website, www.immolaval.com, to include feedback, which you can access by clicking on Témoignages, on the lower left-hand side. Here’s one testimonial we received recently on our services:

”Ces quelques lignes pour vous faire part de notre satisfaction des services de Catherine Vourakis qui a vendu notre maison. Elle travaille avec dynamisme et détermination. Elle nous a donné un service de qualité et de précieux conseils. De plus, elle possède une très bonne connaissance du marché de l’immobilier, ce qui en fait une professionnelle hors de tout doute ! Si vous désirez vendre votre maison, nous vous conseillons les services de Catherine Vourakis, professionnelle en immobilier.”
- Suzanne et Benoit, St-François, Laval