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newnesters: A $5,000 tax break for first time home buyers - 02/07/09 02:38 PM
Well, with the billions of dollars being thrown around in both the US and Canada these days, a tax credit doesn't seem like much, does it?
However, for those buying their first home, the credit, based on $5,000, will certainly come in handy, though not when you're actually buying the home. My understanding is that it works out to about $750 in actual tax relief, which of course, doesn't even cover legal costs.
As for the increase in allowable withdrawals from your RRSP from $20,000 to $25,000, how many first time buyers have you met who even have that much saved yet?
… (1 comments)

newnesters: Immigration to fuel housing sales - 12/10/08 04:04 PM
Immigration will continue to be the key driver in ensuring Ontario's housing market remains buoyant, a Canada Mortgage and Housing Corp. conference heard.
"This is going to be important," CMHC senior market analyst Jason Mercer told the conference, held recently at the Metro Toronto Conference Centre. "The key issue we are looking at is population growth," Mercer added. "All these new households are going to need a place to live."Coupled with the high number of first-time homebuyers continuing to flood the market and downsizing baby boomers, all this activity will continue to fuel a "balanced market situation," he said.
Indeed, if … (0 comments)

 

Robert Morrow

Hamilton, ON

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Blog by Hamilton Home Review's editor, Robert J. Morrow, a licensed Realtor with Chase Realty Inc., in Ancaster, ON, Canada.


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