March Resale Housing Results Bring Positive News

Tue, 14 Apr 2009 19:25:12 +0000

TORONTO, April 6, 2009 - In March 2009,Greater Toronto REALTORS reported 6,171 sales down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 down less than five per cent from the same month last year.

"The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months", commented TREB President Maureen O'Neill.

"In fact, over the past two months, the situation in the housing market has improved.
The seasonally-adjusted annual rate of sales increased to 65,600 in March up 36 per cent from the ten-year low reached in January. (see note)

"Sales in March increased at a rate over and above what would be expected from the normal spring-time bump," said Jason Mercer TREB's Sr. Manager of Market Analysis. "A greater number of households have taken advantage of increased affordability in the housing marketplace."

Note: Seasonally adjusting TREB MLS data removes recurring seasonal trends observed each year. For example, MLS sales are highest in late spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current month relates to historical annual figures.

Source: Toronto Real Estate Board

For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com

Federal Budget Impacts on Home Owners and Buyers

Tue, 17 Feb 2009 16:49:35 +0000

Summary of some Key Tax Measures That Could Have a Direct Impact on You
Provied by RBC Financial Advisory Support

NEW HOME RENOVATION TAX CREDIT

The 2009 budget proposes to introduce a temporary Home Renovation Tax Credit (HRTC) to encourage Canadian's to invest in home improvements. A non-refundable tax credit of 15% will apply to eligible expenditure over $1,000 up to $10,000 resulting in a maximum credit of $1,350 ($9,000 x 15%). If you are not able to use the entire credit the unused portion may be claimed by your spouse, common law partner or minor living at home, provided you do not exceed the single $1,350 maximum credit. This credit will only apply to the 2009 taxation year for eligible expenditure made after January 27, 2009 and before February 1, 2010 and supported by receipts. The credit will not apply to home improvement expenses that are based on an agreement entered into before January 28, 2009. Costs for renovations or alterations of an enduring nature to a qualified principal residence will qualify for the HRTC. This means that if you have both a home and a recreational property that can qualify as a principal residence, you can claim the HRTC for renovation expenses on one, the other, or both. Such costs will include the cost of labour and professional services, building materials, fixtures, equipment rentals and permits. Alterations such as furniture, appliances, audio-visual electronics, routine repairs and maintenance and financing costs associated with a renovation would not qualify for the HRTC.

INCREASED HOME BUYERS PLAN WITHDRAWAL LIMIT

To encourage home ownership and home construction, the budget proposes to increase the Home Buyers Plan (HBP) withdrawal limit to $25,000. Currently, the HBP allows you to borrow up to $20,000 tax-free from your RSP to purchase or build your first home. This increase in the HBP withdrawal limit will apply to the 2009 and subsequent calendar years for withdrawals made after January 27, 2009.

NEW FIRST-TIME HOME BUYERS TAX CREDIT

The budget proposes to introduce a new non-refundable tax credit for first-time home buyers who acquire a qualifying home after January 27, 2009 (a qualifying home is one that is currently eligible for the Home Buyers Plan).

Please contact me if you would like a full copy of this report...........

Malcolm's Blog

March Resale Housing Results Bring Positive News

Federal Budget Impacts on Home Owners and Buyers