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Federal Budget good for home buyers, home owners and real estate

Federal Budget good for home buyers, home owners and real estate

Vancouver (March 4, 2010) – The best social program is a job, and to reduce the impact of Canada’s recession, federal Finance Minister the Hon. Jim Flaherty, plans $19 billion in new federal stimulus funding to create and protect jobs in Budget 2010.

This includes $7.7 billion to build infrastructure Canada and $2.2 billion to support industries and communities.

“These initiatives mean that Canadians will keep working and working Canadians are more likely to buy homes”, says Andrew Peck, vice-president and general manager, Royal Pacific Realty.

“What this means to communities all across Canada is significant. Every time a home changes hands, the transaction generates significant spin-offs for the economy in furniture sales, in landscaping, home renovations and even legal fees,” explains Peck.

For home owners, the new funding for the ecoENERGY retrofit program is also good news, says Peck. “Homeowners who make their homes more energy-efficient, can now claim tax credits, which benefits not just home owners, but the environment as well, says Peck, adding “We would have liked to have seen the Home Renovation Tax Credit extended.”

Items that will benefit real estate include:

  • Standardizing the calculation and disclosure of mortgage pre-payment penalties: the Government plans to bring forward regulations which will ensure homebuyers and homeowners have complete information about the calculation of mortgage pre-payment penalties.
  • Employment Insurance (EI): self-employed Canadians, including REALTORS® will be eligible for EI special benefits including maternity, parental, compassionate care and sick leave benefits. This is a voluntary opt-in program, lobbied for by the Canadian Real Estate Association (CREA).
  • Temporary 100% capital cost allowance rate for computers: to help businesses with new technology, the government is offering a temporary two-year, 100% CCA rate for computers bought before February 1, 2011.

For information, contact:

Andrew Peck, Vice-President and General Manager, Royal Pacific Realty

604-266-8989; apeck@royalpacific.com

 

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