2009 Federal Budget Announcement
And what a budget it is for the real estate industry.
The Tories reached into the goody bag and pulled out:
A $5000 increase to the RRSP Home Buyers Plan, meaning first-time home buyers can now withdraw up to $25,000 from their RRSPs for a down payment--tax and interest-free.
A $750 tax credit for first-time home buyers to help with closing costs, such as legal fees, disbursements and land transfer taxes.
A 15% tax credit of up to $1,350 on eligible home renovation expenses undertaken before February 1, 2010.
$300 million for ecoENERGY Retrofit grants.
Up to $50 billion worth of additional mortgage buybacks. The government called this a "successful program" that "will reassure lenders that stable long-term financing will continue to be available..."
More "disclosures" for mortgage insurance designed to "help consumers better understand the mortgage insurance transaction. The Government will also propose new measures to ensure that Canadian consumers are charged no more for mortgage insurance than the true cost of obtaining that insurance."
Source Canadian Mortgage Trends
The Tories reached into the goody bag and pulled out:
A $5000 increase to the RRSP Home Buyers Plan, meaning first-time home buyers can now withdraw up to $25,000 from their RRSPs for a down payment--tax and interest-free.
A $750 tax credit for first-time home buyers to help with closing costs, such as legal fees, disbursements and land transfer taxes.
A 15% tax credit of up to $1,350 on eligible home renovation expenses undertaken before February 1, 2010.
$300 million for ecoENERGY Retrofit grants.
Up to $50 billion worth of additional mortgage buybacks. The government called this a "successful program" that "will reassure lenders that stable long-term financing will continue to be available..."
More "disclosures" for mortgage insurance designed to "help consumers better understand the mortgage insurance transaction. The Government will also propose new measures to ensure that Canadian consumers are charged no more for mortgage insurance than the true cost of obtaining that insurance."
Source Canadian Mortgage Trends
posted by Duncan Ley at 9:14 AM
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