First Time Buyer Perks
Buying your first home is a big step, and one that is not to be taken lightly.
That said, in today's market there are compelling reasons to make the leap to home ownership.
First of all, list prices have come down a great deal from the hot market of a few years ago. It is a buyer's market, and buyer's who are ready to buy, without first needing to sell, are in an excellent position to negotiate once they find the right home. The condo market in particular, is flooded with inventory, and lack luster demand. List prices for condos have finally come down to the point where it is affordable for a single income person/family to enter the market. And affordable is just the beginning. There are some really great options out there now!
Canada Revenue Agency is making it more attractive for first time buyers to enter the market by offering the First-Time Home Buyers' Tax Credit. This credit is available to all first time buyers, acquiring a home from 2009 onwards. It amounts to about $750 back at tax time........just what you'll need to buy that wall mounted plasma screen. Check out this link for more information:
http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html
In addition, Canada Revenue Agency offers the Home Buyers' Plan, as a means to assist new buyers with coming up with a down payment. Essentially, it is an option to withdraw up to $25,000 from RRSPs without paying tax on the withdrawal, for the purpose of buying a home. More information is available at the CRA website below:
http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhmbyrspln-eng.html
One last important factor to consider is historically low interest rates. Today it is possible to lock in at very attractive rates, that may not be available in the future.
With all of the reasons to buy your own home, what are you waiting for? Call your favourite Real Estate Associate to start the process today.
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