Tax Incentives for Home Buyers

Sunday, Feb. 01 2009  |  Posted by: Steve Stockwood  |  0 comments

Tax Incentives for Home Buyers

We’ve all heard lately about the world-wide economic downturn and its effect on Canadians. The news appears to be grim – but governments in the US and Canada are taking drastic measures to turn things around.  And home-buyers are one group that are going to benefit.

On January 27, the Canadian government introduced the 2009 budget.  This budget is aimed at stimulating the economy – which translates into – more money for taxpayers so that we, in turn, will spend and reinvigorate our economy.  Within this budget are many advantages for those who are looking to buy a home, including a response to gaps in credit markets by providing funds through the Extraordinary Financing Framework to improve access to financing for Canadian households, growing the Insured Mortgage Purchase Program to provide lenders with stable long-term financing, allowing them to continue lending to Canadian Consumers, increasing the flexibility and capacities of the Canada Mortgage and Housing Corporation and moving forward on measures to make mortgage insurance more transparent, understandable and affordable.

The two most notable additions to this budget are a Home Renovation Tax Credit and a Home Buyers Tax Credit.  The temporary Home Renovation Tax Credit is a one-year program that gives a 15% credit on eligible renovation costs that exceed $1,000 but are less than $10,000, and will provide up to $1,350 in tax relief. These renovation costs must be accumulated between January 27, 2009 and February 1, 2010 so you don’t want to miss out on your chance to access this tax credit.

What better way to utilize your renovation tax credit than on your new home?  The Home Buyers Tax Credit can assist first-time home buyers with purchasing a home with up to $750 in tax relief in 2009, as part of $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. The $20,000 limit on using your RRSP’s for home purchasing was also raised to $25,000.

With housing prices currently at affordable levels and tax relief incentives available for this year – now is the perfect time for you to find the home of your dreams.  Let me help you to find that perfect home for you!

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Why now is the time to buy a house…

Wednesday, Jan. 07 2009  |  Posted by: Steve Stockwood  |  0 comments

Every time you turn on the TV or open a newspaper, the news appears grim.  The economy is suffering; even corporations are requiring buyouts to be able to continue to do business.  Why on earth would one consider buying a new home in this economic climate?

The truth is, BC is predicted to maintain a pretty healthy economy in these tough times.  The housing market, which has taken a hit throughout the province, however, has also been impacted in the Kootenay.  The latest statistics gathered by the Kootenay Real Estate board throughout 2008 show that the number of detached residential units available for purchase is at its highest level since 2001 while the number being sold is the lowest since 1995.  Due to the laws of supply and demand - this can only mean one thing - those looking to purchase a home at this time are going to reap the rewards of the downward turn in the market. 

As further proof of this buyer’s market, the British Columbia Real Estate Association indicates that residential sales dollar volume in BC for 2008 was down a whopping 67% over 2007 figures.  So, what does this all mean for you?  Well, experts say that the current real estate market represents a fantastic opportunity to purchase a great new home at a bargain price.  Those looking to buy at this time are able to benefit from a greater selection of available homes, more time to really investigate their options and the luxury of negotiating attractive prices.

An article on Ozzie Jurock’s (BC’s best known real estate consultant and investor) website states that “the best deals come in down markets.  On the way up, risk increases every day.  On the way down, it decreases every day.”

I have a passion for helping people find exactly what fits their housing needs and believe in providing an honest and up front approach.  This has earned me the trust of my clients.  Let me help you take advantage of this great buyers market and find you a great deal to call home.

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Cranbrook

Thursday, Nov. 20 2008  |  Posted by: Steve Stockwood  |  0 comments

Come live and play in the Key City!  This growing regional centre provides all the amenities one could ask for while maintaining that small-town feel.

Known as the sunniest place in British Columbia and with amazing walking and hiking trails, stunning and challenging golf courses, pristine lakes and many Resorts of the Canadian Rockies affiliated resorts like Kimberley Alpine, Fernie Snow Valley, Banff and Lake Louise within a very short distance, you are sure to find much to love in Cranbrook!  Then, after an exhilarating day of recreation, come join in on the excitement as you cheer on the WHL’s Kootenay Ice or try your luck at the Casino of the Rockies, located at the historic St. Eugene Mission.

With the College of the Rockies recently expanded main campus located in Cranbrook along with 10 public schools and a regional hospital that also recently underwent $30 million in growth, this city of close to 20,000 is truly a great place to raise a family.  A strong Arts community thrives here through the Cranbrook and District Arts Council and the Key City Theatre and our Canadian Museum of Rail Travel is internationally renowned.  With fresh development of communities and golf courses currently taking place and with the newly expanded Canadian Rockies International Airport, this area is bound to continue to grow and thrive for years to come. 

Don’t miss your chance to be a part of the excitement – come and make the Hub of the East Kootenays your home

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