Despite the fact there will be no more 40 yr mtgs or 0 down there are measurments in place to help out.
REALTORS® recognize Conservative Party's first-time
homebuyers tax cut
OTTAWA – September 16th, 2008 – REALTORS® welcomed today's
announcement by the Conservative Party of a proposed tax credit for first-time
homebuyers for intended application against closing costs of the purchase of
a home.
"The issue of affordability is one that REALTORS® constantly monitor, and we
welcome this initiative," says the President of the Canadian Real Estate
Association, Calvin Lindberg.
However, REALTORS® believe that the changes to the existing, wellknown
Home Buyers Plan that CREA has been advocating for several years will
also be an effective way to address the issue of affordability for first-time buyers.
CREA proposes that the federal government raise the maximum withdrawal limit
in the Home Buyer's Plan from $20,000 to $25,000. The HBP is a unique
program that encourages savings, maximizes down payments and helps firsttime
homebuyers minimize debt over time.
The current withdrawal limit has not been changed since the program was
introduced in 1992. In 2007, using the HBP, nearly 105,000 Canadians borrowed
more than $1.2 billion from their personal RRSPs to use as a down payment in
the purchase of their first home.
"Research has shown that, despite their enthusiasm for home ownership, firsttime
buyers, especially younger Canadians, find it a real challenge to finance
their first home," says Mr. Lindberg. "We welcome any initiative that helps these
buyers."
The Canadian Real Estate Association (CREA) is one of Canada’s largest singleindustry
trade associations representing more than 97,000 REALTORS® working
through more than 100 real estate Boards and Associations. CREA’s primary
mission is to represent members at the federal level, and to defend the public’s
right to own and enjoy property.
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For more information, contact:
Bob Linney, CREA Communications Director
Phone: 613-237-7111 or 613-301-2219 Email: [email protected]