Economic News/Trends and Analysis - March 26, 2009 TORONTO, March 26 /CNW/ - Ontario's REALTORS(R) say the McGuinty governments plan to harmonize the GST and PST will add over $2,000 to the cost of a real estate transaction, hurting the resale home market and prolonging the housing industry's recovery from the current economic downturn.
"Now is not the time to be erecting barriers to homeownership," said Pauline Aunger, President of the Ontario Real Estate Association. "We need consumers to invest in housing to help get our economy going again."
According to the Canadian Real Estate Association, home sales in the province of Ontario were down 29 per cent in February, compared to 2008.
The Government of Canada's proposed Economic Action Plan contains new tax measures for first-time homebuyers and support for home renovations.
First-Time Home Buyers
Under the Home Buyers Plan the amount you can withdraw from your RRSP has been incresed to $25,000 to aid in the purchase or building of a new home (primary residence).
First-Time Home Buyers' Tax Credit allows you to save up to $750 on the closing costs of your first home.
For a limited time, the new Home Renovation Tax Credit means homeowners could receive up to $1,350 in tax relief on renovation expenses. For more information please click on the link below.
To make the best remodel or move decision, it is important to understand all the reasons that you have to remodel and all the reasons that you have to move. This article reviews common reasons to move.
This Grant offers financial assistance to low-income households
1. Failure to effectively market the property. Good marketing distinguishes your home from hundreds
