By Warren McNeil
Just recently I have been looking at the benefits that first time home buyers currently have when it comes to buying a house. With the lower interest rates and all the tax credits that the government has made available in the latest budget, now is definitely the time to consider buying a house.
Here are five reasons to consider buying a house if your are a first-time home buyer
1. Very low interest rates. The Bank of Canada lowered the Prime rate just over a week ago. In turn, interest rates are very appealing. You should definitely consider locking in an interest rate if you are thinking about buying a home over the next few months
2. First time home buyers tax credit.
To assist first-time home buyers with the costs related to the purchase of a home, Budget 2009 proposes to introduce a First-Time Home Buyers’ Tax Credit. A 15-per-cent credit will be applied to a $5,000 amount, and will provide up to $750 in tax relief to reduce the costs associated with first home purchases completed after January 27, 2009.
http://www.budget.gc.ca/2009/pamphlet-depliant/pamphlet-depliant2-eng.asp
3. Land Transfer Tax rebate
http://www.rev.gov.on.ca/english/refund/newhome/
4. Home Buyers Plan, RRSP Withdrawal Limit increase
To provide first-time home buyers with additional access to their RRSP savings to purchase or build a home, Budget 2009 proposes to increase the Home Buyers’ Plan (HBP) withdrawal limit to $25,000 from $20,000.
This is the first increase in the withdrawal limit since the HBP was introduced in 1992.
http://www.budget.gc.ca/2009/pamphlet-depliant/pamphlet-depliant2-eng.asp
5. More selection of homes available. The spring market offer many more options.
If you have been sitting on the fence for a little while and are not sure whether now is the right time, then maybe the above five reason will help you to make your decision.
Thanks for reading!
Warren & Melanie McNeil | Sales Representatives, Team McNeil | Re/Max Twin City Realty, Brokerage
( 519.579.4110 | * Click Here to Email | 8 www.clickthathouse.com, www.clickthatblog.com